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Rare residential, office mixed-use building sells in Kinzie Corridor near Fulton Market
Three-story, 18,000-square-foot loft building sold for $2M
A rare mixed-use building of residential and offices sold in Kinzie Corridor near rapidly developing Fulton Market.
Lighting company Hangout Lighting paid $2.13 million for an 18,000-square-foot, three-story brick and timber loft building at 450 N Leavitt Street, about 10 percent less than the asking price of $2.4 million. Marketing company Drinkwater sold the property that sits on a 9,100-square-foot L-shaped site fronting N Leavitt Street and bordering W Ferdinand Street.
“We were happy to sell to a local small business looking to stay in the neighborhood and usher in a new chapter of growth for this unique loft style building,” said Nicholas Schaefer, Vice President of Cawley Chicago, who represented the seller.
The building comprises ground floor commercial spaces and four residential apartment units on the second and third floors. Originally built for heavy industrial use, the building evolved into a building of residential and studio space for art and music-related uses.
Located west of Fulton Market, the Class C building is a rare, permitted residential use building as the nearby Kinzie Industrial Corridor TIF district houses industrial and distribution centers.