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Hospitality Property Trades in Streeterville
A single-tenant freestanding hospitality property was sold to a German investor at 164 E Grand Ave in downtown Chicago’s Streeterville neighborhood. Scott R. Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, R2, in the transaction.
The 8,700-square-foot asset is currently leased to multi-unit restaurant concept Hampton Social and sold for $6,320,000. The property was purchased by German investor René Gerdom, CEO of Ruger Holdings.
“This transaction shows that there is still robust demand for hospitality assets with strong tenancy in Chicago even during the COVID-19 pandemic,” said Dillon.
Property highlights include an ideal corner location only a block off Michigan Avenue and high-density zoning for future development.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition