Defying the slow market, yet another Loop building has been sold.
The fully leased retail and residential building at 1247-1249 W. Madison Street in the West Loop sold for $32.8 million, or just over $420,000 per unit.
The building consists of 72 apartments, six commercial units and a heated parking garage.
Dwelle Properties purchased the property from Michigan Avenue Apartments. Steve Horvath and Marc Bombicino of Conlon Commercial represented the buyer.
The move is a rare one as the downtown market has seen supply overwhelm demand.
“Being a part of a boutique commercial real estate firm is really having to be more like special ops instead of a big army,” Horvath said. “What we’ve seen in the market is the work is there, it’s just 10 times as hard to get it done.”
Still, new projects are slowly popping up. In September, ZSD began plans for another West Loop condo development.