300-328 West Huron Street, Chicago, IL

CHICAGO, IL—North Wells Capital purchased a prime River North development site in Chicago, IL, from 707 North Orleans, a limited liability company, for $15.8 million in an all-cash transaction. Bill Montana and Chris Sackley of Greystone Real Estate Advisors represented the seller in the transaction.

“With its mixed-use zoning, this development site holds exciting possibilities for any investor, and there was a range of interest with varied proposed use during the marketing of this asset,” says Sackley, a managing director with Greystone. “With the buyer's intended plans to add office space to this desirable neighborhood, the ultimate vision of live-work-play can be realized for more residents within Chicago. We are thrilled to have represented the seller on this transaction.”

Located at 300-328 West Huron Street, the site includes 32,503 square feet across 11 contiguous parcels. In a neighborhood surrounded by luxury residential, boutique hotels, fine dining, art galleries, and sought-after nightlife, the offering received a tremendous amount of investor interest. Previously operating as a parking lot, the asset's proximity to the Chicago Avenue 'L' station was also a big draw for developers.