David A. Nelson Of Convexity Properties Acquires Development Site From Brennan Hitpas For $39M In Chicago

The development site located at 1120-1130 North State Street in Chicago's Gold Coast was sold for $39,000,000. The site spans 31,000 square feet and is positioned in a highly sought-after market, having previously secured city approval for a 304-unit, 345-foot apartment tower. Newcastle Investors, the previous owner, acquired the property for $61,000,000 in 2019 but did not proceed with the intended project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $39,000,000
• Buyer: David A. Nelson - Convexity Properties
• Seller: Brennan Hitpas - Newcastle Investors

David A. Nelson represented Convexity Properties in this transaction, while Brennan Hitpas represented Newcastle Investors. The deal reflects a significant change in valuation since the initial purchase by Newcastle Investors.