CRE Midwest

NelsonHill completes sale of historic building in the South Loop

S-Michigan-Building-NelsonHill

NelsonHill has completed the sale of a 30,048-square-foot building located at 2400 S. Michigan Ave. in Chicago. Value of the sale was approximately $4.25 million, $50,000 above asking price.

NelsonHill has completed the sale of a 30,048-square-foot building located at 2400 S. Michigan Ave. in Chicago. Value of the sale was approximately $4.25 million, $50,000 above asking price.

Included in the sale was also 20,033 square feet of land on two sites at 55 E. 24th St. and 2409 S. Wabash Ave.

Alex Pearsall purchased the building, which was the original home of the Illinois Automotive Club and built in 1936. The building is well-positioned for redevelopment.

“Chicago’s Motor Row in the South Loop is undergoing a major transformation,” said Mark Nelson of NelsonHill.

The facility is situated at the corner of Michigan Avenue and 24th Street with close proximity to McCormick Place, Chicago’s Theatre District, Lake Michigan, restaurants and nightlife. Features of the property include dramatic high ceilings, large mezzanine space, landscaped courtyard and 25,545 square feet of office.

Mark Nelson and Mike Nelson of NelsonHill represented the sellers, 2400 Michigan LLC, in the transaction. Justin Collins of Jameson Realty worked on behalf of the buyer.