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Marcus & Millichap Capital Corporation Arranges $14M Financing for Chicago Retail Property
Marcus & Millichap Capital Corporation (MMCC) arranged $13.65 million in financing for the acquisition of Kingsbury Center, a 53,910-square-foot retail property located at 1415-35 North Kingsbury Street in Chicago, Illinois. The property sold for nearly $20 million.
Dean Giannakopoulos, senior managing director in the firm’s Chicago office, secured the financing with Great Southern Bank on behalf of the client, a joint venture partnership between Peerless Development and Honore Properties.
The property is anchored by Sky Zone and PetSmart and is located in the Lincoln Park neighborhood. In addition to the property’s strong tenants, it also has almost 500,000 square feet of available air rights above it, and developers are able to transfer unused zoning capacity from one property to another allowing for denser construction.
The developers plan to construct a 28-story apartment complex across the street using air rights from this property as well as another low-rise property they own nearby.
