Marcus & Millichap Brokers Sale of Building, Parcel to Tandem
Marcus & Millichap’s Stephen Lieberman and Kyle Stengle arranged the sale of a 53,931-square-foot, mixed-use commercial loft building and adjacent parking lot at 1040 W. Huron St. in the River West neighborhood of Chicago. The buyer, Tandem Development, paid $11.35 million.
Tandem plans to renovate the existing building, and develop a 23-story, 226-unit apartment tower on the adjacent parking lot. “The buyer utilized the downtown zoning expansion district that was recently put in place to successfully approve a planned development for the site,” said Stengle.
The existing multi-story loft office building will be modernized for creative office space. “We worked very closely with the city’s planning department and the local neighborhood zoning group to preserve the existing office building, and have designed a new building that we feel will be a wonderful addition to the neighborhood,” said Tandem’s Dimitri Nassis.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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