November 5, 2019
Demonstrating the growing appeal of the West Loop for development, a 41,796-square-foot land site at 2123-2147 W. Madison on the Near West Side sold after less than three months on the market. The land, currently zoned to permit 104 residential units, sold for $3.1 million to an all-cash buyer.
Scott R. Maesel and Adam Thomas of SVN Chicago Commercial represented the undisclosed seller.
“With the area in and around the United Center seeing a significant uplift in development activity over recent years, this transaction’s achieved price and quick time to close provides proof of the continued demand in today’s current market conditions,” said Maesel.
The parcel sale comes on the heels of Newcastle Limited’s acquisition of another West Loop property, the 93-unit Jackson Throop Place, for an undisclosed sum.
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