Sale of “Pandemic-Affected” West Loop Property Bodes Well for Market
Greenstone Partners closed the sale of a 100% leased mixed‐use property at 1020 W. Madison in the West Loop for an undisclosed sum. The 15,000 square foot property is home to the acclaimed restaurant Monteverde and the intimate event venue Loft Lucia.
The off‐market transaction was arranged on behalf of the seller by Danny Spitz, CEO and managing partner at Greenstone Partners. “It’s a great market indicator for 2021 to transact on a pandemic‐affected property where the tenants include a restaurant, event space and offices,” said Spitz. “The tenants endured significantly less traffic in the past year, however they are going to have remarkable turnarounds in 2021 and beyond.”
The buyer, a private out‐of‐state investor, bought the building as a long‐term investment based on the location and quality of the building and tenants. The buyer was represented by David Chasin of Pegasus Investments.
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).