CHICAGO, ILLINOIS – Friday, September 15, 2017
ACO Commercial is pleased to announce the sale of 116 W. Hubbard Street located in the heart of Chicago’s River North neighborhood. The modern eight-story property contained the Slurping Turtle restaurant on the ground floor, offices, and two former nightclubs on the top and lower floors.
In advance of the sale, the seller completed the eviction of the top floor nightclub, repositioning the asset as value-add office property in a red-hot market.
“From the first step off the elevator into the top floor nightclub, we knew this could be one of the most unique office spaces in River North,” said George Toscas who brokered the sale. “With a walk out terrace, it felt like Bruce Wayne’s office.”
George Toscas, Managing Broker, VP, represented a California-based private equity firm in the transaction. At the time of sale, the 29,735 SF property was approximately 30% occupied.
The ACO national marketing campaign generated 42 tours and multiple offers. The deal was awarded to a Chicago-based user with plans to renovate and utilize multiple floors of the building. The deal went contract to close in 60 Days at $7,500,000 ($252.23/SF).
ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.