CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $11.25 million sale of a 35-unit mixed-use property at 2200 N. Clark St. in Chicago’s Lincoln Park neighborhood. The building, which includes 28 apartments and seven retail spaces, traded for $321,428 per unit.
Interra Senior Managing Partner Joe Smazal, Senior Managing Partner Brad Feldman and Managing Partner Craig Martin represented the seller, a local real estate investment firm that deploys institutional capital. Interra also procured the buyer, Beal Properties, a Chicago-based private office owned by Bill Silverstein. The property was fully occupied at the time of sale.
“Private capital investors have long demonstrated strong interest in multifamily and mixed-use properties in Chicago priced below replacement cost,” said Smazal. “The high number of offers this property received from both local and out-of-state investors reflects the steady demand we’ve seen in 2024 and suggests a promising outlook for 2025.”
The property includes 11 studio, five convertible, eight one-bedroom and four two-bedroom layouts. There is also more than 10,000 square feet of ground-floor retail space across seven units, all fully leased to a diverse roster of tenants that include an art gallery and Michelin-starred restaurant Esmé. The building was constructed in 1891 and has been well maintained following capital improvements in 2008-2009.
In the past year, Interra has brokered 40% of the multifamily transactions greater than $2 million in Lincoln Park, according to CoStar data, representing sales in excess of $26 million. This includes the $3.4 million sale of 2642-50 N. Marshfield Ave. in May, the $2.025 million sale of 2652 N. Halsted St. in July and the $9.6 million sale of 1900-16 N. Lincoln Ave. in December 2023.
2200 N. Clark is surrounded by Lincoln Park’s numerous dining, shopping and entertainment options and is within walking distance of the Lincoln Park Zoo, Diversey Harbor and North Avenue Beach. The property is served by the CTA’s Fullerton and Armitage Brown Line stations and multiple bus routes.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of several billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com