SVN | Chicago Commercial has listed 1100 W. Grand Avenue in Chicago on behalf of Sterling Bay and its joint venture partner, J.P. Morgan Asset Management. The 22,100-square-foot parcel of premier real estate is located in River West and was recently rezoned by the city for residential development.
Situated between two popular mixed-used neighborhoods—Fulton Market and River North—the property sits just south of the Ohio/Ontario Street I-90/94 interchange which sees an estimated 300,000+ road travelers daily, creating a unique opportunity for a developer to invest in a highly desirable, visible and convenient location for future residential units.
“Fulton Market is Chicago’s highest performing submarket for commercial real estate, and River North has maintained a strong foothold, as well,” said Andy Gloor, CEO of Sterling Bay. “With the recent rezoning of the area for residential development and the site’s proximity to two of the city’s most populated neighborhoods, 1100 W. Grand has firepower to become a residential destination serving both submarkets and has generated substantial off-market interest.”
With several public transit options nearby, including Chicago Transit Authority “L” lines, dedicated bike lanes and bus stops, 1100 W. Grand is commuter-friendly and within walking distance of various 24/7 live-work-play amenities such as trendy bars, award-winning restaurants, local retailers, world-class hotels and creative office spaces including Google Midwest Headquarters and McDonald’s Global Headquarters.
“Our team looks forward to representing Sterling Bay and J.P. Morgan Asset Management in the sale of 1100 W. Grand, a site that connects two of Chicago’s most dynamic neighborhoods, both featuring unique attributes and strong development momentum,” said Scott Maesel, a managing director at SVN | Chicago Commercial.
Sterling Bay and institutional investors advised by J.P. Morgan Asset Management acquired 1100 W Grand in November 2014. The property currently functions as a surface parking lot containing approximately 50 spots for overflow parking from the nearby Tesla dealership, which pays a monthly rent to utilize the space.
