(CRER) Chicago Real Estate Resources, Inc is proud to announce the sale of 400 N Peoria Street in Chicago’s Fulton Market District. CRER’s Jarid Dietrich and Nate Gautsche represented the sellers and Timothy Keenan also of CRER represented the buyers in the $7.8M sale of the 10,800 SF office building on a 19,214 SF lot.
The land was originally purchased in 2004 and later developed for architectural photographers. The space no longer fit their needs and had been leased to software design and development firm projekt202 and creative advertising agency The Escape Pod. CRER saw this as an excellent opportunity for the property owners to realize their gains amid rapid appreciation in the Fulton Market District as well as a unique opportunity for an experienced developer in one of the nation’s hottest office markets. CRER privately marketed the property on behalf of ownership and negotiated a deal with one of Fulton Market’s most respected developers, Shapack Partners, that closed in late December 2019.
“We feel this was a win-win for the both the buyers and the sellers. Working in the nation’s hottest office market, it is crucial to have good guidance and I know we provided that for our clients.” Said Dietrich of CRER.
This is the 2nd off-market transaction in the area completed by Gautsche and Keenan. In September 2017, they brokered the $8.0M sale of 449-471 N Union Ave. In this transaction, Gautsche represented the seller and Keenan represented the buyers.
CRER is a full service, boutique commercial real estate company located at 205 N Michigan Ave, Suite 2950 in downtown Chicago.
Other CRER transaction in the area
(CRER) Chicago Real Estate Resources is pleased to announce the sale of 1210 W. Lake Street, Chicago, Illinois. Nate Gautsche represented Marc Realty Capital in the acquisition and Steven Rapoport represented the long time owner in this transaction. Nate and Steven are both Commercial Brokers with CRER’s Downtown Office.