Office N Illinois

Pilsen loft office sells for more than $5 million

Pilsen loft office sells for more than 5 million,ph1

The 100,544-square-foot, brick loft office building at 2201 S. Halsted Street in Chicago’s Pilsen neighborhood sold to a local investment group, expanding their portfolio. Angelo Labriola and Paul Cawthon of SVN Chicago Commercial represented the seller in the transaction while SVN Chicago advisor’s Stephen Cusano and James Mead, CCIM, represented the buyer. The light industrial/loft-office investment sold for $5,350,000.

“The property is strategically located at the signalized corner of Cermak and Halsted Street’s with prime I-90/94 exposure and accessibility. The potential expressway signage creates opportunity for a large tenant to have great signage visibility and for new ownership to create additional value-add,” Labriola said. This closing marks the 76th overall transaction for SVN’s Cawthon-Labriola group in the neighborhood.

The property features parking in the rear and it is in close proximity to Orange Line and Metra Stations. Lacuna Lofts and Mural Park, which are within a few blocks, have been creating a buzz and attracting new office and creative loft tenants to this area of Pilsen.