Newmark Capital Group represented New York-based Samson Management in the sale of 2778 N. Milwaukee in the Logan Park neighborhood for $2.415 million to an undisclosed buyer.
Built in 1942, the 42,000-square-foot building is occupied by Gap Outlet on the ground floor, where the retailer recently renewed its 12,000-square-foot triple-net lease for another five years. The remaining storefront space is leased to a currency exchange on a year-to-year basis.
The buyer plans to redevelop the now vacant top three floors into rental apartments. Newmark estimates there could be room for 20+ units.
“This property offers a stable ground floor tenant in The Gap, and considerable upside for the development of multi-family on the upper floors,” said Michael Bennett, senior managing director with Newmark Capital Group, who represented the seller. “It was clear to us that the market also saw this opportunity.”
The building garnered at least 10 offers, Bennett said. Its location one block from the train and at a six-way intersection also boosts its appeal as a residential site.
Matt Welke of Essex Realty represented the buyer.
About Newmark
Newmark is one of the largest real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.