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Chicago & Midwest  + North Side  + Industrial  |  April 19, 2024
Jasmine Kilman
By: Jasmine Kilman

Sterling Bay Taps CBRE to Sell Properties Near Lincoln Yards

Sterling Bay has listed a trio of properties near the stalled Lincoln Yards $6 billion megaproject site. The firm is selling the properties to pay off debt amid the firm’s search for a new financial partner for the 53-acre mixed-use development.

Sterling Bay has hired CBRE to market the three parcels at 1907 North Mendell Street, 1901 North Elston Street, and 1500 West Cortland Avenue, reported Crain’s. Sterling Bay has faced mounting financial pressure as it deals with the imminent need to pay off debt amid the search for a new financial partner.

Last year, the firm sold an industrial property near the Lincoln Yards site, a joint venture of Farpoint Development and Langdon Partners. The ambitious Lincoln Yards project was aimed to breathe fresh life into a former industrial site in Chicago’s North Side, with improved infrastructure and transportation, new businesses and residences, along with parks and open spaces.

Read More News Stories About: CBRE
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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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