Chicago & Midwest + Downtown + Apartments | December 2, 2022

Mixed-Use Sells in Fulton River District “Set to Explode” with New Development

Essex Realty Group, Inc. recently facilitated the sale of 401 N. Milwaukee Ave., a mixed-use property located in Chicago’s Fulton River District. The property sold for $4,125,000 at a 7.42% cap rate.

A local investor hired the co-op team of Essex managing director Brian Karmowski and principal Jordan Gottlieb to market the property for sale. The property is comprised of six lofted apartments; 4,000 square feet of restaurant space leased to Perilla, a Korean BBQ restaurant; and a 25-foot billboard leased to Outfront Media. The buyer, a local investor, was also represented by Gottlieb.

“This is one of the most well located and unique buildings we have ever sold at Essex,” said Gottlieb. “The surrounding area is set to explode with future developments at the Salvation Army site on Grand Avenue, on Kinzie Avenue adjacent to Fulton Market, and Bally’s Casino.”

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About Paul Bubny

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).