Greenstone Partners closed the sale of a 100% leased mixed‐use property at 1020 W. Madison in the West Loop for an undisclosed sum. The 15,000 square foot property is home to the acclaimed restaurant Monteverde and the intimate event venue Loft Lucia.
The off‐market transaction was arranged on behalf of the seller by Danny Spitz, CEO and managing partner at Greenstone Partners. “It’s a great market indicator for 2021 to transact on a pandemic‐affected property where the tenants include a restaurant, event space and offices,” said Spitz. “The tenants endured significantly less traffic in the past year, however they are going to have remarkable turnarounds in 2021 and beyond.”
The buyer, a private out‐of‐state investor, bought the building as a long‐term investment based on the location and quality of the building and tenants. The buyer was represented by David Chasin of Pegasus Investments.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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