Greenstone Partners, a commercial real estate brokerage firm, has listed two contiguous loft buildings in Chicago’s Fulton Market District, just one-mile west of the city’s central business loop. The 78,246-square-foot multi-tenant flex building located at 350 N. Ogden Ave. is now listed at $11.9 million. The neighboring 345 N. Loomis, a 60,718-square-foot fully occupied building home to renowned recording and professional rehearsal facility The Music Garage, is listed at $9.8 million. Greenstone Partners’ Managing Partner, Danny Spitz is representing each of the sellers and marketing the properties.
“Conceptually, we see the endless opportunities these properties would convey to ownership by surveying the neighborhood success stories surrounding them - such as Fulton West, which advanced the life science ecosystem in Fulton Market, the 500+ new units recently delivered at Ogden and Randolph, as well as over two million square feet of new development proposed directly across the street,” said Spitz. “350 N. Ogden represents a blank canvas option for investors interested in establishing their own value enhancement vision with frontage and visibility along Ogden. 345 N. Loomis, on the other hand, presents the opportunity to purchase the building along with the successful music studio business as a bundle or an investor can solely purchase the property."
The partially occupied building at 350 N. Ogden, which is situated on a 22,245-square-foot parcel of land, is a concrete loft with 63,686 rentable square feet above grade space and a 14,561 rentable square-foot lower level with 12-foot ceiling height. The property includes ideal column spacing and very heavy floor loads to support additional density to the original structure. Additionally, the property features 15 parking spaces and multiple loading docks on two sides.
Home to The Music Garage, 345 N. Loomis has hosted A-list musical talents such as Sting and Chance the Rapper. Serious musicians appreciate the rehearsal studios with full back-lines and a “Showcase Room” provides a wide range of professional rehearsal services to accommodate every touring act, from international headliners to local bands. The music recording facility features dual construction 18” walls and custom sound suppression. 345 N. Loomis includes 51,250 of rentable square feet above ground space and a 9,468-square-foot built-out and occupied lower level. The 18,679 square feet of land also includes 22 private parking spaces and two exterior truck level docks. The property has benefited from extensive recent capital improvements and meticulous maintenance for the operating business.
“Within the past five years, we’ve seen a momentous shift in demographics for the Fulton Market area - once a warehouse district,” added Spitz. “The submarket has transformed into a beacon of industry attracting Chicago’s highest-profile office and luxury residential developments. Numerous projects are in construction and planning phases within a three-block radius of both listings and the highly anticipated Metra station, which will add further accessibility to the suburban workforce, will also function as a major catalyst for growth in Fulton Market.”
Along with the proposed Metra station’s Fulton Market stop, which would be located adjacent to the loft buildings listed, the location offers ideal public transit access less than 1/3 mile from the CTA Green & Pink Line Ashland ‘L’ station as well as access to multiple bus routes and close proximity to the CTA Blue Line ‘L’ Chicago station. Situated between access to expressways to the northern and western suburbs, the Ogden I-90/94 Kennedy Expressway access ramp is only 1/2-mile to the north of the property and I-290 access is 1 mile to the south along Ogden
Fulton Market’s mix of national and international brand office tenants include but are not limited to: the global headquarters of McDonald’s, the Google Midwest headquarters, Coca-Cola, WPP, Mondelez International, Dyson, Uber and Glassdoor. In addition to attracting office and life science tenants such as Talis and Xeris, the area is also home to high-end retail, luxury condos and apartments, critically acclaimed restaurants, and many new modern hotels.
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
Greenstone Partners lists 1501 & 1505 N. Milwaukee Ave., in the Wicker Park neighborhood of Chicago for $7.39 million. The two buildings are situated on one land parcel, including a two-car parking garage. Greenstone Partners’ Managing Partner Danny Spitz and Senior Director Brewster Hague represent the seller and are marketing the portfolio.
“Wicker Park offers a unique confluence of location, destination and tenant mix,” said Spitz. “These properties are located on Milwaukee Avenue at the corner of Honore St. and feature notable retailers - Jeni’s Ice Cream and Round Two and feature large apartment floorplans.”
1501 N. Milwaukee is a two-story, 4,300+ square foot retail building 100% occupied by Round Two, a popular streetwear and fashion retailer.
Built in 2015, 1505 N. Milwaukee Ave is a four-story, 7,100+ square foot mixed-use building with retail space on the ground floor 100% occupied by Jeni’s Ice Cream. Three spacious three-bedroom, two-bathroom units featuring condo-quality finishes, outdoor space and an abundance of natural sunlight.
“The properties, located near the prolific North-Milwaukee-Damen ‘six-corners’ intersection and the CTA Damen station, have high-foot traffic for its retailers and a prime location for its residents,” said Hague. “With an investment in this coveted Chicago neighborhood, where national retailers have flagship locations to attract national and international tourists, we anticipate a high investor interest for the properties.”
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
Greenstone Partners, a commercial real estate brokerage firm, has expanded its brokerage team with the additions of Jordan Multack and Malek Abdulsamad. Both Multack and Abdulsamad join the Greenstone team as Directors, and Multack is the first hire for the Greenstone Partners multifamily division.
Multack brings a career transaction volume of $100 million to the firm with experience brokering multifamily and mixed-use opportunities in Chicago ranging from 5 units to 100 units. He is known for his market presence in Logan Square, Wicker Park and West Town and focuses throughout the core neighborhoods of Chicago. Prior to joining Greenstone, Multack was a Director at Essex Realty Group for five years. Multack graduated from the University of Illinois Urbana-Champaign.
“Jordan will be a key driver of our multifamily division,” said Danny Spitz, CEO and Managing Partner at Greenstone. “Greenstone’s approach is client centric so bringing Jordan onto the team as it expands into multifamily is a perfect fit for our clients. His keen relationship focus and knowledge of the Chicagoland area will provide our clients with the local market expertise they expect from our firm.”
Abdulsamad, previously of Compass, completed his education in architecture and urban planning in addition to being a real estate broker. At Greenstone, he focuses on investment sales in various asset classes throughout Chicago’s core neighborhoods.
“The foundation of Greenstone Partners is built on providing clients with superior service and unparalleled value,” added Jason St. John, Managing Partner at Greenstone. “Malek’s depth of experience is just that - unparalleled. We’re excited about the momentum Malek brings to Greenstone and look forward to seeing him succeed as a broker in multiple asset classes.”
Abdulsamad is a member of the American Planning Association and is an IL Award recipient. He holds a master's degree in Urban Planning and Policy from the University of Illinois at Chicago.
In addition to Multack and Abdulsamad, Graphic Designer Paulina Ryt also joins Greenstone Partners this month to assist the firm with its growing marketing needs. Ryt is a Columbia College of Chicago graduate with a Bachelor of Arts in Graphic Design and a minor in Motion Graphics. They specialize in producing print and digital marketing materials, as well as branding. In their role, they will assist the brokerage firm with creating marketing materials for each listing and closing. Previously, Ryt was chosen to be Creative Director for Columbia’s Annual Manifest Urban Arts Festival where they rebranded the event, developed collateral items, and created a website for showcases and live events to be hosted.
Greenstone Partners' multidisciplinary approach maximizes opportunities for its client base, procuring the highest and most qualified offers. In 2021, nearly three-quarters of Greenstone Partners' closings were sold to out-of-state or international investors. The firm's proprietary database has secured 91% of its buyers to date. Clients include but are not limited to: public and private REITs, private high-net-worth investors, foreign investment funds, financial institutions and business operators. Recent notable transactions include:
- 400 and 401 North Morgan St., Chicago | Two properties in Fulton Market totaling 83,000 square feet of leasable space along with 75,000 square feet of land sold for $32 million. Tenants include Alinea restaurant group and Morgan Manufacturing.
- North Shore Flex Portfolio | The five-building, 250,000-square-foot multi-tenant flex portfolio located at 8109-8127 Central Park Ave., 7231-7315 St. Louis Ave., 8100-8142 N. Monticello Ave., 8111 St. Louis Ave., and 8042-8052 N. Monticello Ave. in North Shore, Illinois sold for $20.3 million.
- 108 West Germania Place, Chicago | A 49,000-square-foot multi-tenant building home to the Van Gogh Immersive Experience sold for $15.25 million. Germania Place, built in 1889 is a City of Chicago landmark and was previously the home of Chicago’s German Club for nearly 100 years.
- 7250 East 90th St., Indianapolis | The FedEx Express occupied, 89,004-square-foot industrial property sold above listing price to a REIT investment fund.
- Naperville Office Portfolio | During the height of the pandemic, the three-building multi-tenant, 103,000-square-foot office portfolio located at 1560 Wall St., 1548 Bond St., and 1979 Mill St., in Naperville, Illinois sold.
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
