Greenstone Partners has completed the sale of 1521 N. Milwaukee Ave., a 10,600-square-foot, two-level retail condominium in Chicago’s Wicker Park neighborhood that is 100% leased to Urban Outfitters. The property sold for $4,125,000. Managing Partner Danny Spitz and Partner Brewster Hague represented the seller, Newcastle Investors, a longtime owner of retail properties in the neighborhood. Spitz also brokered Newcastle’s acquisition of the property in 2013.
Urban Outfitters has occupied the property since 2005, making it one of the first national retailers to plant a flag in Wicker Park. When marketing began, the lease had less than three years remaining. The tenant’s early extension, which now runs through January 2034 reshaped the offering and generated strong interest and tour activity.
“There’s no retail space this size in Wicker Park — 10,000 square feet, let alone anything over 5,000 or 6,000,” said Spitz. “Urban Outfitters was a trendsetter when it came to this neighborhood more than 20 years ago, and you can trace the retail influx into Wicker Park over the past two decades back to them. This renewal shows their staying power and proves they made the right choice.”
The ground and second-floor space include an additional 2,676-square-foot lower level and about 50 feet of frontage on Milwaukee Avenue. It sits steps from Six Corners, the intersection of Milwaukee, North and Damen avenues, which sees 46,450 vehicles per day, and one of the highest pedestrian counts outside of the core CBD. Nearby retailers include Barnes & Noble, Adidas Originals, Levi’s, Abercrombie & Fitch, Wells Fargo, Carhartt, CAVA, sweetgreen and Supreme.