Greenstone Partners, a Chicago-based commercial real estate brokerage firm, announced the $4.35 million sale of 1276 W Washington Boulevard, a development site in Chicago’s West Loop neighborhood. Danny Spitz and Malek Abdulsamad of Greenstone Partners represented the seller and buyer in the transaction.
The property was a 14,850 square foot parcel of land owned by a longtime Greenstone client who engaged Greenstone to conduct a private, off-market process to identify a qualified developer to acquire the site.
Greenstone evaluated several development scenarios before identifying boutique condominium development as the strongest use for the property. The team then targeted a select group of developers, ultimately securing a buyer planning a condominium development for the site.
“There are a limited amount of land sales in the current market, particularly for larger-scale development,” said Danny Spitz, Managing Partner at Greenstone Partners. “In today’s financing environment, smaller, as-of-right projects are more attainable, making opportunities like this especially attractive to developers.”
The site’s as-of-right zoning was a key component of the transaction, allowing the buyer to pursue development without the lengthy and discretionary zoning process often associated with larger projects.
“We did a significant amount of due diligence upfront and knew exactly what type of development made sense for the site,” said Malek Abdulsamad Director at Greenstone Partners. “That allowed us to be extremely targeted in our outreach and ultimately put our client in a stronger negotiating position.”