Interra Realty Brokers $27 Million Sale of Vesta Lofts in Chicago’s South LoopMarch 12, 2020
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of Vesta Lofts, a 59-unit mixed-property in Chicago’s South Loop neighborhood, for $27 million. The sale included the existing building at 125 E. 21st St., which includes 7,890 square feet of commercial space, as well as an adjacent parking lot suitable for development.
Interra Managing Partner Lucas Fryman, Senior Managing Partner Joe Smazal and Managing Principals David Goss and Jon Morgan represented both the seller, 2100 Oak Investors LLC, as well as the private out-of-state buyer.
“We exposed this property to our deep pool of qualified private and institutional buyers and procured a New York-based group that was attracted to both the stabilized mixed-use building and the development potential of the adjacent parking lot,” said Fryman. “This transaction is the largest multifamily sale in the South Loop since March 2019, demonstrating growing investor interest in the area around McCormick Place.”
Located at the northwest corner of 21st Street and Indiana Avenue, Vesta Lofts consists of 59 studio, one-, two- and three-bedroom units and one commercial space leased to Pizano’s Pizza & Pasta. The adjacent 19,373-square-foot parking lot presents an opportunity for future ground-up development.
“This submarket is benefitting from a number of new projects, such as the Wintrust Arena and Marriott Marquis Chicago, as well as longstanding drivers such as the lakefront, McCormick Place and Mercy Hospital & Medical Center,” said Smazal. “As a result, we’re seeing more multifamily investment and development as renters seek out more attainably priced housing that is still close to the central business district.”
Vesta Lofts is steps away from bus stops, the Cermak-McCormick Place Green Line station and a diverse mix of shops, restaurants, breweries and nightlife throughout the South Loop, including new offerings along Motor Row. The property also offers convenient access to Lake Shore Drive and other nearby expressways.
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 $1 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.