The property is located in Edgewater, one of the densest communities in Chicago and home to high-rise apartment buildings, condominium complexes, and mid-rise homes along the lakefront. It’s within walking distance to the Loyola “L” and Thorndale “L” Stops and just south of Sheridan Road which feeds into Lakeshore Drive allowing access into greater Chicago. Edgewater also benefits from being adjacent to Loyola University’s Lake Shore Campus. This campus is an over 30-acre area comprised of more than 40 university buildings, student housing, over 17,000 students, and more than 2,000 faculty and staff. The building was most recently used as a retail furniture store and storage. It was renovated in 2017 with a new façade. The 1st floor has 14 ft. ceiling height, 10 ft. in the upper floors, and 9 ft. clear in the basement which if a parking ramp can be added could provide on-site parking for the building. The property currently has 2 cell phone tower leases with Sprint & T-Mobile. With T-Mobile’s acquisition of Sprint, T-Mobile has elected to give notice to terminate the Sprint lease as of 11/30/2022. The T-Mobile lease expires 6/12/2023 with 1-5 yr. option remaining. The current monthly rent for the Sprint lease is $2,855 per month and the annual rent for the T-Mobile lease is $39,930 increasing by 10% to $43,923 for the final option period. Given the masonry structure with reinforced concrete floors, elevator service to each floor, it’s location and being TOD eligible, we see it having great value and potential for redevelopment for multi-unit residential, office or retail use.
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Office Space
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