CRE N Illinois

CBRE closes sale of 52,000-SF retail asset in Chicago

CBRE closes sale of 52,000-SF retail asset in Chicago,ph1

CBRE recently represented North Clark Properties LLC in the sale of a 52,034-square-foot retail property at 201 N. Clark Street in Chicago’s Loop to State Teachers’ Retirement System of Ohio. Keely Polczynski and Marcello Campanini of CBRE represented ownership in the listing and Steve Janowiak of STRS Ohio coordinated the transaction for the buyer.

Located at the corner of Clark and Lake in Chicago’s Loop, the property includes an open-air courtyard and comprises 20,755 square feet on the ground floor, 18,991 square feet on the second floor and a 12,288-square-foot fitness center on the third floor. The land is 20,755 square feet.

The property is zoned PD 375, with the underlying zoning being DC-16, the highest zoning Chicago offers and the only zoning with unlimited FAR.

With its location in the CBD and immediate access to amenities such as the Riverwalk, State Street retail corridor, theater district and an abundance of restaurants, the property could be a strong candidate for development into a mixed-use tower.

“This is a wonderful value-add property,” said Polczynski. “With this location, direct access to one of the busiest ‘L’ stations in all of Chicago, the daytime population and the surrounding amenities, it will appeal to myriad uses—including office, retail, food and beverage.”