NEW YORK, NY - Greystone Real Estate Advisors announced it has closed the sale of a prime River North Development Site in Chicago, IL, for $15.8 million. North Wells Capital LLC purchased the land in an all-cash transaction from 707 North Orleans LLC. Bill Montana and Chris Sackley of Greystone represented the seller in the transaction.
Located at 300-328 West Huron Street, the site comprises 32,503 square feet across 11 contiguous parcels. In a neighborhood surrounded by luxury residential, boutique hotels, fine dining, art galleries, and sought-after nightlife, the offering received a tremendous amount of investor interest. Previously operating as a parking lot, the asset’s close proximity to the Chicago Avenue ‘L’ station was also a big draw for developers.
“With its mixed-use zoning, this development site holds exciting possibilities for any investor, and there was a range of interest with varied proposed use during the marketing of this asset,” said Mr. Sackley, Managing Director, Greystone Real Estate Advisors. “With the buyer’s intended plans to add office space to this desirable neighborhood, the ultimate vision of live-work-play can be realized for more residents within Chicago. We are thrilled to have represented the seller on this transaction.”
“Many of Chicago’s best offerings in retail, dining, and culture are within close proximity to this site, which explains the high interest and excitement around what could be added to River North,” added Mr. Montana.
About Greystone: Greystone is a real estate lending, investment and advisory company headquartered in New York. Its Multifamily Real Estate Advisors team provides services in sales, acquisitions, and a full spectrum of advisory services including debt, equity, acquisition, and investment sales to multifamily owners and investors of affordable and market rate housing.