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Mid-America brokers sale of Lincoln Park retail building
The 37,615-square-foot Lincoln Park West asset features a 7-year weighted average lease term and is anchored by tenants including PNC Bank and Starbucks.
Mid-America Real Estate Corporation’s Investment Sales Group brokered the sale of Lincoln Park West, a 37,615-square-foot retail asset in Chicago’s Lincoln Park at the intersection of Lincoln Park West and Clark Street, the outlet ConnectCRE reports.
The offering highlighted a durable rent roll and the potential to add value via lease-up or by adapting the 19,531-square-foot second floor. Lincoln Park West is anchored by tenants including PNC Bank, Starbucks, RJ Grunts, and Lincoln Park Preschool, and it carries a weighted average lease term of 7 years.
The property sits at the base of a 16-story luxury condominium building. Mid-America’s George Ghattas, Joe Girardi, and Patrick Corrigan served as the exclusive listing brokers for the seller, LLJ Ventures, while the buyer was a local private investor, according to ConnectCRE.