Land

1338 W Lake St, Chicago IL

1338 W Lake St, Chicago, IL, 60607-1512, US

1338 W Lake St, Chicago IL_Property for Sale

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Asset description

Jones Lang LaSalle Americas (Illinois), L.P. ("JLL"), as sole and exclusive agent, has been retained to offer for sale to qualified investors the opportunity to acquire fee simple interest in a high profile development opportunity located at 1338 W. Lake Street in Chicago, Illinois (“the Property”).


Located in the Fulton Market District neighborhood, 1338 W. Lake benefits from the tremendous 24/7 activity in this rapidly expanding neighborhood. Known for its trendy food and craft cocktail lounges, boutique hotels and creative office buildings, the Fulton Market District is Chicago’s most desirable neighborhood delivering a truly live-work-play urban lifestyle. This upwardly mobile population is demanding the highest quality amenities, and retailers, restaurateurs and developers are seeking to capitalize on this sophisticated clientele.


The Property is a 45,915 sf building on the 23,340 sf site and is currently zoned M2-3, Light Industry District. The site is bounded by N. Ada St to the west, W. Lake St to the south, an alley to the north and neighboring building to the east.

Attributes

Land area net
0.54 acres (23,339 sf)

Investment highlights

x GROWING FULTON MARKET NEIGHBORHOOD

  • 1.8M sf of active office tenants in the market
  • 34.4% office rent growth since 2019
  • 7,800 apartments under construction or in planning

x NEW METRA STATION PLANNED NEARBY

  • Station planned along Kinzie between Ogden & Ashland
  • A new station and A-2 flyover is a $1.5 billion investment
  • Could service UP-West, MD-West, MD-North, and North Central Metra lines

X RARELY AVAILABLE INFILL HARD CORNER SITE OF SCALE

  • 23,340 sf of land area
  • 45,915 sf of building area
  • NEC of Lake St & Ada St

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Last updated
Nov 30, 2022