Imperial Realty Co. represented a private owner and family trust in their sale of 1935 S. Michigan Avenue in Chicago. Marcus & Millichap represented the private buyer who will serve as owner-user on the site.
Located at the corner of Michigan Avenue and Cullerton Street in the South Loop, the vacant site offers a 13,107-square-foot footprint on a parcel zoned DX-5. The asset sold for $2.6 million.
Imperial Realty’s Drew Neems, vice president – investment sales, and Theron May, vice president and director of brokerage, represented the seller. Dominic Sulo, first vice president at Marcus & Millichap, represented the buyer.
“There was a lot of early traction on this deal and it closed within 50 days of bringing it to market; but with industry-wide financing hurdles resulting from COVID in conjunction with construction costs rising at a torrid pace, it wasn’t surprising that most of that interest didn’t come from developers,” said Neems. “The interested parties, including the end buyer, were mostly build-to-suit owner-users which I think sheds some positive light on the South Loop as it shows that businesses are still optimistic of what’s to come in the area.”