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Greenstone Closes Deal for Retail/Office in River North
Greenstone Partners completed the sale of 162 W. Hubbard St., an 18,840-square-foot, five-story retail/office property on the northeast corner of Hubbard and Wells streets in downtown Chicago’s River North neighborhood.
Terms of the sale weren’t disclosed. Greenstone exclusively represented the seller, a local private partnership, and procured the buyer, an international-based family office
The property is 67% occupied by two tenants: Pink Taco and Spartan Surfaces, which was recently acquired by Floor & Décor. The top two floors are currently vacant, providing significant value-add upside.
Recent capital improvements include a new elevator and new HVAC units on the roof, putting the property in turn-key physical condition. The property is located a block away from Vornado Realty Trust’s theMART and the CTA Brown and Purple Line L station. The property’s demographic profile includes a population of 139,000 within a half-mile radius and average household income of $157,000.
- ◦Sale/Acquisition
