CHICAGO—The Laramar Group, a Chicago-based investor, bought the historic Belden-Stratford just last year for nearly $60 million, and has placed the 297-unit luxury community in Lincoln Park on the market again, according to Holliday Fenoglio Fowler, L.P., which has been named to market the property.
HFF has begun marketing the former hotel at 2300 Lincoln Park West without a formal asking price and the owner has offered it on an “all cash” basis.
“The Belden-Stratford is an iconic and irreplaceable asset in one Chicago's finest locations,” says Sean Fogarty, HFF managing director and a leader of the firm's investment sales team.
“Strong demographics, top cultural and entertainment attractions, and very solid market fundamentals have led to robust demand for Lincoln Park communities, indicated by a remarkable average vacancy rate of 2.3 percent since 1995,” adds HFF Executive Managing Director Matthew Lawton, another member of the sales team which also includes managing director Marty O'Connell.
The Belden-Stratford sits a few blocks from Lake Shore Drive and Lake Michigan, and across the street from Lincoln Park, which contains the Lincoln Park Zoo, Lincoln Park Conservatory and numerous other cultural and recreational sites. Originally built in 1923, the Beaux Arts property features studio, one- and two-bedroom units averaging 636-square-feet each. The 15-story building also has 19,223-square-feet of retail space occupied by several tenants including the restaurants Mon Ami Gabi and L20.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
