When you read about real estate transaction deals they tend to be pretty dry. However, every once in awhile you'll read something that catches your eye. Such is a recent story we read about a sale on the south end of the Sloop (via REjournals):
Located at the corner of Michigan Avenue and Cullerton Street in the South Loop, the vacant site offers a 13,107-square-foot footprint on a parcel zoned DX-5. The asset sold for $2.6 million.
“There was a lot of early traction on this deal and it closed within 50 days of bringing it to market; but with industry-wide financing hurdles resulting from COVID in conjunction with construction costs rising at a torrid pace, it wasn’t surprising that most of that interest didn’t come from developers,” said Neems. “The interested parties, including the end buyer, were mostly build-to-suit owner-users which I think sheds some positive light on the South Loop as it shows that businesses are still optimistic of what’s to come in the area.”
Good to see some bullish buyers.
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