R2 Companies and Marc Realty Capital purchase 9,670 SF former restaurant space in Old Town
Chicago – November 8, 2016 – The Chicago offices of CBRE recently represented ownership in the sale of 1252 N. Wells St., a 9,670-square-foot mixed-use space, to a joint venture between Chicago-based R2 Companies and Marc Realty Capital for $3.2 million.
CBRE’s Keely Polczynski, senior vice president, and Michael Gendell, associate, with CBRE represented the owners, Vincent and Priscila Satkoff.
“This is essentially a new construction building in one of Chicago’s most popular neighborhoods,” said Polczynski. “This site would be well suited for any form of retail, restaurant or multifamily offering. The new ownership will have plenty of options to reposition the building in this thriving area of Chicago.”
Formerly Salpicon restaurant, the property is a three-story mixed-use space with 7,275 square feet of commercial space on the first and second floor and a third floor residential unit (2,395 square feet). The 20-year-old building has 27 feet of frontage on Wells Street.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
