CHICAGO—Kiser Group, a Chicago-based firm, just brokered the sale of the Germania Club building, a 40,634-square-foot mixed-use building on the National Register of Historic Places at 108 W. Germania Pl. The Gold Coast landmark fetched $7.89 million, Kiser officials say.
Although the brokers would not disclose the buyer or seller, Cook County property records show that the building was sold by New Hyde Park, NY-based Kimco Realty Corp. to Buffalo Grove Fresh Farms LLC, part of Buffalo Grove, IL-based Svigos Asset Management, which helps develop Fresh Farms grocery stores.
“This was an amazing chance to purchase not only a piece of Chicago history, but also a fully stabilized investment property in one of Chicago's best neighborhoods,” says Bill Baumann, senior managing director for Kiser. “The asset is very well-maintained and boasts a mix of stable, long-term tenants. This is only the third time this property has come to market in its storied history, making it a very unique opportunity.”
The building was designed in 1888 by architectural firm Addison & Fielder and began life as a gathering place for the city's German community. It features two grand ballrooms with 50' ceilings that host corporate, civic and private events. The property is 100% leased to a mix of retail and office tenants including Starbucks, T-Mobile and Lincoln Park Preparatory.
Located near the intersection of Clark St. and North Ave. and directly across from the Latin School and Chicago History Museum, the Germania Club is one of the city's architectural gems, says Baumann, and was designated a Chicago landmark in 2011. The ballrooms feature ornate Victorian architecture, with inset gold domes, original chandeliers and 20' arched-windows.
“Space like this simply isn't designed anymore,” adds Baumann. “The Germania Club has been a staple of Chicago for more than a century and with its historic, old-world feel, it is sure to remain a top destination for some of the city's premier special events for decades to come.”
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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.
