January 12, 2021
Greenstone Partners sold a development site at 627 West Randolph Street in Chicago’s West Loop, representing the seller and procuring the buyer. The brokerage notes that the submarket has seen 63% population growth within a one-mile radius in the past decade.
The existing parking lot property consists of 6,531 square feet of land and is positioned on the southeast corner of Randolph and Des Plaines streets. The undisclosed buyer was drawn to the development site based on the property’s strong location within 800 feet of the Ogilvie Metra station, which sees nearly 40 million passengers per year, the existing transit-oriented zoning and the property’s centralized location between the emerging Fulton Market/West Loop and Chicago’s Loop/CBD.
In addition, the property is less than 900 feet from the Clinton L station and a five-minute walk from Randolph Street’s restaurant row.
For comments, questions or concerns, please contact Paul Bubny