Icon Capital Acquires 96,000 SF Industrial Property In Chicago For $3.5M

The property at 2635 S Wabash Ave in Chicago, an industrial asset, was recently sold for $3,498,000. The sale was facilitated by Nate Gautsche of Chicago Real Estate Resources, who represented the buyer, Icon Capital. The four-story building spans 96,000 square feet and is situated on a 38,000 square foot lot, which includes a fenced and gated 40 car parking lot. The property is strategically located at the intersection of Interstate Highways I-55, I-90, I-94, and Lake Shore Drive.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $3,498,000
• Address: 2635 S Wabash Ave, Chicago
• Market: Chicago
• Square Footage: 96,000
• Price per Square Foot: $36

The immediate area surrounding the property is experiencing significant development and investment. The site is located just four blocks away from the former Michael Reese Hospital site, which has received approval for a $3.8 billion mixed-use development that includes the ARC Innovation Center, retail space, a community center, mixed-income senior housing, and a new park. Additionally, the property is adjacent to the City Council Approved Surge Esports Venue, a $30 million project spanning 108,000 square feet that will house an esports arena and a virtual reality hangout.

Constructed in 1910, the property has a unique history, originally built for the White Motor Car Company and later utilized by "Chicago's Taxi Cab King."

Nate Gautsche, the buyer's representative, expressed excitement about the acquisition: "This was a great opportunity to purchase a large property in the path of progress on Chicago's near south side. The close proximity to McCormick Place, Illinois Institute of Technology, Bronzeville Lakefront, and Surge Esports Venue made this a desirable project for my client. I'm excited to see what comes next for this site and the immediate area over the next few years."