Multifamily N Illinois

Marcus & Millichap arrange sale of $3.38 million mixed-use structure in Chicago

Marcus & Millichap arrange sale of $3.38 million mixed-use structure in Chi,ph01

Marcus & Millichap announced the sale of 3452 N. Southport Avenue, a mixed-use building located in the Lakeview neighborhood of Chicago. The asset sold for $3,380,000, equating more than $550 per square foot.

“This newly constructed, high-end property is located on what is referred to as the Southport Corridor, the quickest growing retail corridor in the city,” said Kyle Stengle, a senior vice president investments in Marcus & Millichap’s Chicago downtown office. “National retailers demand these few blocks due to the proximity to immediate area demographics, public transit options, entertainment options and Wrigley Field.”

Stengle represented the seller, a local Chicago developer. The buyer was an international private investor.

3452 N. Southport Avenue is a 6,100-square foot mixed-use building consisting of one retail tenant, Hanna Andersson, on the ground floor with three apartments above. The new construction apartments feature quartz countertops, stainless steel appliances and hardwood floors throughout. The apartments have large front decks with views of the Southport Corridor and the skyline.