Shapack Partners Acquires Development Site In River West, Chicago For $25M

Shapack Partners has acquired a development site located at 509 N Union Ave in River West, Chicago. The seller of the property was the Salvation Army. The sale, which took place on 05/02/2022, had a sale price of $25,000,000.

Summary of transaction details

• Property Type: Development Site
• Sale Price: $25,000,000
• Market: River West, Chicago
• Address: 509 N Union Ave

The deal was facilitated by brokers Scott Maesel, Drew Dillon, Chad Schroedl, Adam Thomas, and Logan Parsons from SVN | Chicago Commercial. The transaction included the sale of the land as well as three properties situated on the land. The development site has a building square footage (BSF) of 567,000, resulting in a price per buildable square foot (PPBSF) of $44. The property itself has a square footage (SF) of 70,000, with a price per square foot (PPSF) of $357.