Background

  • A 8,509-square-foot development site at the northeast corner of State Street and Huron Street in Chicago's desirable River North neighborhood

  • The property featured high visibility with approximately 100 feet of frontage on North State Street and 85 feet of frontage on East Huron Street.

  • Located three blocks due west of North Michigan Avenue

  • The property was zoned under a recently expired Planned Development (PD) and was marketed as a prime development site for residential apartments, condominiums and street level retail.

  • Ownership dictated year-end closing and tasked the Colliers Chicago Multifamily team with less than a 60 day marketing and due diligence period.

Approach

  • The Chicago Multifamily team tapped its vast network of prospective investors and used a "one bullet" approach to quickly procure two qualified buyers who were well capitalized and able to close quickly.

  • The team simultaneously assembled an aggressive marketing campaign and offering package in the event that the property was unable to close in 2012.

  • Potential investors were offered alternative scenarios to drive value and income that included condominiums, luxury rental apartments and high-end street level retail.

Results

  • The property went under contract just one month after being retained as exclusive agent.

  • The winning bid and subsequently final sales price was $6,125,000 or $719.83 per square foot, exceeding all price expectations.

  • The transaction successfully closed at year-end on 12/27/2012 in an all cash deal.