Chicago CBD Asset Changes Ownership After 22 Years
- May 16, 2017
Baum Realty Group has facilitated the sale of a 16,180-square-foot, value-add property in “The Loop,” Chicago’s central business district.
The seller, fast-food chain restaurant Wendy’s, bought the mixed-use facility in 1995 and sold it for $3.6 million, according to PropertyShark data. Greg Dietz and Danny Spitz, Baum Realty managing directors, represented the owner. The buyer is Bowman Industries LLC, an out-of-state investor.
The facility at 6-8 S. Clark St., which features a mix of office and retail spaces, has had only one tenant in the last couple of years—a Wendy’s restaurant. The retailer occupied the first floor of the building, while the other three floors have been up for lease.
“It is rare for a boutique property located within Chicago’s ‘Loop’ CBD to become available for sale, particularly with a blank slate to completely rebrand a vacant building,” said Dietz in prepared remarks. His colleague, Spitz, added that another advantage the building had was its proximity to four Chicago Transit Authority ‘L” stations.
Since 2014, Baum has brokered more than $450 million in deals, one of its most recent acquisitions in the Chicago area being a Chase Bank building at 7180 W. Grand Ave. in Elmwood Park, Ill.
Image courtesy of Baum Realty Group