CRE N Illinois

River North property closes for $4.3 million in Chicago

River North property closes for 4.3 million in Chicago,ph1

Chicago-based 5M Group, Inc. has closed on the sale of 720 N. Wells Street in Chicago’s River North neighborhood. Mark Reiter and Paul Nelhart of 5M Group brokered the $4.3 million sale on behalf of the seller, a family trust. The buyer intends to hang their private art collection and to lease out the space for not-for-profit use.

Constructed in 1867 and renovated in 2006, the property is three stories with a fourth-floor mezzanine overlooking the third floor. The 14,200-square-foot, brick-construction building features a bar and a hostess area with multiple points of entry on Wells and Superior Streets on the first floor. Other floors contain commercial kitchens, private dining areas, additional bars, storage rooms and a walk-in wine cellar.

The building is located on the bustling corner of Wells Street and Superior Street. The neighborhood is comprised of mixed-use, commercial and retail buildings. The CTA Chicago station is located less than a block away and I-90/I-94 are nearby. Accessibility was a major selling point for this property.