Real Estate
Home›Real Estate›Industry›Greenstone Partners sells Chicago West Loop land for $…
Greenstone Partners sells Chicago West Loop land for $4.35 million
The 14,850-square-foot site has as-of-right zoning, which the broker said helped avoid a lengthy discretionary zoning process.
Greenstone Partners has completed an off-market sale of 1276 W Washington Boulevard in Chicago’s West Loop, closing a $4.35 million transaction for a development parcel.
The deal involved a 14,850-square-foot parcel of land owned by a longtime Greenstone client, with Danny Spitz and Malek Abdulsamad of Greenstone Partners representing the seller and the buyer.
ConnectCRE said Greenstone evaluated multiple development scenarios before concluding that a boutique condominium project was the strongest use for the property.
According to Greenstone Partners, limited land sales in the current market and today’s financing environment make smaller, as-of-right projects more attainable, and the site’s as-of-right zoning was a key factor in the buyer’s ability to move forward with development.