Rambaud Holdings Acquires Mixed-Use Property In Chicago For $11.4M

The property at 1040 W Huron St, Chicago, IL, 60642 is a mixed-use asset that was recently sold for $11.4 million. Spanning 28,000 square feet, the property is located in the Chicago market. The transaction took place on 04/12/2018, with the buyer being Rambaud Holdings and the seller's representative being Kyle Stengle from Marcus & Millichap.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $11,400,000.00
• Square Footage: 28000
• Address: 1040 W Huron St, Chicago, IL, 60642
• Market: Chicago
• Buyer: Rambaud Holdings
• Seller's Rep: Kyle Stengle (Marcus & Millichap)

Tandem Partners, along with Rambaud Holdings, have acquired the property with plans to develop a 23-story mixed-use building. The project is intended to feature 226 market-rate rental units, 97 parking stalls, and 2,300 square feet of retail space. As part of the development plans, a three-story loft office building present on the site will be preserved and renovated. The developers are seeking a rezoning for the property to allow for transit-oriented-development benefits to be applied, which will enable reduced parking requirements and higher density.