CRE Midwest

NelsonHill team completes over $30M in South Loop transactions

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The team of Mark A. Nelson, SIOR, and Michael D. Nelson, SIOR, both principals of NelsonHill led a team that completed over $30 million in transactions in Chicago’s South Loop neighborhood in 2014.

From Landmark structures on the National Register of Historic Places to new uses for classic Chicago industrial buildings, the team has been one of the most active commercial real estate firms in the one of the city’s most active submarkets. Over the course of the 2014 calendar year, Mark and Michael represented the owners in eight separate sales transactions and Frank Melchert represented the purchaser in an acquisition. This was certainly not the only neighborhood where the NelsonHill team was active last year. In the first half of 2014 alone they completed in the Chicago West Loop area more than $38 million in transactions of which 60 percent were off-market transactions.

Highlights of the South Loop transactions follow:

• NelsonHill represented the seller of 1300 S. Wabash in a $4.725 million 1031 exchange on December 30, 2014. Sunny Kim from iProperties & Asset represented the buyer, Eui Yonmg Yoo. The property includes a multi-tenant urban retail strip mall anchored by Harris Bank.

• The Nelson brothers represented David Baum, the seller of a historic 100,000 square foot building at 2230 S. Michigan Avenue, in a transaction to Motor Row Properties LLC for $8.65 million. The building, originally built in 1922 and known as the Marmon Building, was one of the first automotive showrooms outside of Detroit. In the early 1900s, many well-known car manufacturers housed their vehicles in palace-like showrooms like this one on Chicago’s once-famous motor row. JLL’s Molly Carroll represented the buyer for the architecturally unique building that is on the National Register of Historic Places.

• In the sale of 2245 S. Michigan Avenue, a three-story, 22,500 square foot former Buick dealership, NelsonHill represented seller Mark Milgrom. The buyer, Windy City RE, LLC was self-represented in the $3.2 million transaction.

• NelsonHill’s Mark and Mike Nelson represented Economy Folding Box in the sale of its building at 2601 S. LaSalle sold for $3.2M to U-Haul. Economy Folding Box had owned the property for more than 60 years. U-Haul was self-represented in its purchase of the 165,674 square foot building, which was selected because of its proximity to major highways.

• 2400 Michigan Avenue LLC sold its 30,048 square foot building at 2412 South Michigan Avenue that was once the home of the Illinois Automotive Club along with two adjacent pieces of land to Alex Pearsall. NelsonHill’s Mark and Mike Nelson represented the sellers. The building sold for $4.25 million. Included in the sale was also 20,033 square feet of land on two adjacent sites at 55 East 24th Street and 2409 South Wabash Avenue (collectively part of 2400 South Michigan Avenue) as well as a 12,000 SF adjacent building which sold for $1.85 million. Jameson Realty’s Justin Collins represented the buyer.

• The Nelson Brothers represented the sellers of 1811 S. Wabash, which sold for $655,000 to Restaurant Solutions Inc. Adam Tarantur, Principal at Podolsky North Star represented the buyer in this transaction.

• NelsonHill’s Mark and Mike Nelson represented the seller of 2515 S. Wabash it its sale to Baderbrau Brewery for $1.25 million. The former plumbing supply building will now house a brewery and a 4,000 square foot tap room for the local brewer. The brewery’s owner, Rob Sama was represented Justin Kessler, Director at Bradford Allen Realty Services/TCN Worldwide

• Frank Melchert of NelsonHill represented the buyer in the acquisition of 2416 S. Archer Avenue, a 59,500 square foot industrial building on a two-acre site for approximately $2.7 million. The buyer, the International Union of Operating Engineers 399, purchased the building for an expansion. Local 399 owns an adjacent building also along the Chicago River. This purchase will allow for continued growth of the union. Local 399 is a trade union representing both Public and Private sector Skilled Maintenance workers who operate and maintain building systems in a myriad of commercial, public and private buildings. The union has robust training and support of its members. Mike Braglia of Jos. Cacciatore & Co. represented the seller, Mike Thompson.