Multifamily Midwest

Sperry Van Ness completes $3.3M sale of failed condo building in South Loop

Jeff Baasch, director of multifamily sales at Sperry Van Ness, has closed the sale of a 54,000-square-foot timber loft building at 2100-14 S. Indiana in the South Loop.

Jeff Baasch, director of multifamily sales at Sperry Van Ness, has closed the sale of a 54,000-square-foot timber loft building at 2100-14 S. Indiana in Chicago's South Loop neighborhood. The Property was a failed condominium conversation and had been tied up in the foreclosure process since 2008. The existing  building will be repositioned to house rental apartment units and retail on the first floor. The transaction also included an adjacent half acre parcel of land for future development.

The property was sold for $3,367,500 to an undisclosed buyer. Baasch represented both the bank and buyer in the transaction and believes the real estate freeze is beginning to thaw. “The significant interest in the opportunity from developers and investors reflects the improving market fundamentals in multifamily properties and the Chicago market” said Mr. Baasch in a release. “The city has really done an amazing job redeveloping the South Loop, so it is not surprising that there was this much interest in the property.”

Mr. Baasch has extensive experience working with bank owned properties and specializes in asset disposition solutions for distressed and non-performing assets. 2100-14 S. Indiana represents one of many bank owned transactions he has closed this year.