August 6, 2020
Marcus & Millichap finalized the sale of 3730 N. Southport Ave., a Chase Bank-anchored retail building on the North Side’s Southport Corridor. The asset sold for $3,725,000.
Mitchell Kiven in Marcus & Millichap’s Chicago Downtown office represented the seller, a private investor. Kiven also sourced the buyer, a New York-based developer specializing in boutique hotels.
The property went under agreement at the end of February, but when the COVID-19 pandemic worsened in subsequent weeks, the buyer grew wary of proceeding as both tenants temporarily closed. After plans for a CMBS refinancing post-closing fell through, Marcus & Millichap Capital Corporation’s Dean Giannakopoulos stepped in and all parties worked to restructure the transaction over the next several months.
The property is surrounded by numerous high-end boutiques, national retailers, and a dense population. The historic bow-truss building is 6,000 square feet and occupied by both Chase Bank and European Wax Center.
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