SALE
IMAGE: Danny Spitz & Vickie C. Soupos
DATE: 04/15/2021
ADDRESS: 937-939 W. Randolph Street
MARKET: Chicago
ASSET TYPE: Mixed-use
BUYER: Randolph Plaza LLC
SELLER: Spiros Tsiranidis & Maria Sitelis
BUYER’S REP: Danny Spitz – Greenstone Partners @GreenstonePartners
SELLER’S REP: Vickie C. Soupos @VickieSoupos – Colovos | Soupos Group @ColovosSouposGroup – RE/MAX Destiny @TrustReMaxDestiny
ASKING PRICE: $4,990,000
SALE PRICE: $4,500,000
SF: 8,718~ PPSF: $516
UNITS: 6 ~ PPU: $750,000
CAP RATE: 5.0%
NOTE: This 3 story mixed-use building is located on Randolph St. between Sangamon and Morgan within Chicago’s premier Fulton Market neighborhood. The property benefits from its location in the thriving West Loop, which has great exposure, located along Randolph Street’s Restaurant Row and positioned one block from Nobu Hotel and three blocks from McDonald’s Global HQ. The property is a low-maintenance, well maintained building with under market rents and shorter-term leases which allows the seasoned investor the opportunity to acquire this Legacy property and cultivate the tenant mix into a premiere mixed-use property in a trophy location. Located in the heart of the Chicago West Loop’s “Restaurant Row” 937-939 W. Randolph offers a plethora of dining options along Randolph Street. Once known as “Skid Row”, the neighborhood’s International reputation as a cutting-edge gastronomic center continues to thrive and has attracted industry heavyweights like Stephanie Izard, Paul Kahan, Brendan Sodikoff, Sarah Grueneberg, Rob Katz, Rick Bayless, coffee houses, bakeries, food halls and bars. The area is home to Michelin Star restaurants like Smyth, Alinea, Grace, Oriole, Blackbird, Next, Mako, Yugen, and Elske. The West Loop consists of over One Million rentable square feet of retail inventory both existing and under construction and boasts luxury accommodations with Soho House, Robert DeNero’s future Nobu Restaurant and Hotel, and retailers like Billy Reid, Lululemon, Free People, Anthropologie, Warby Parker and Maria Pinto.
