Nick Stocking And Drew Dillon Acquire Mixed-Use Property In Chicago For $15.5 Million

A mixed-use property located at 1542 North Damen Avenue in Chicago has been sold for $15,500,000. The asset encompasses 22 residential units and 5 retail spaces, totaling 44,423 square feet. The price per unit stands at $704,545, while the price per square foot is $348.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $15,500,000
• Address: 1542 North Damen Avenue
• Market: Chicago
• Units: 22
• Retail Spaces: 5
• Square Footage: 44,423
• Price per Unit: $704,545
• Price per Square Foot: $348
• Buyer: Nick Stocking & Drew Dillon
• Seller: Newcastle Investors
• Seller's Representative: Kyle Stengle - Marcus & Millichap

A joint venture between Stocking Urban and Ashland Capital was responsible for the acquisition. The property, home to notable tenants such as La Colombe and Urban Belly, was purchased with financing from Wintrust Bank. The partnership plans to implement a value-add business strategy, which includes cosmetic unit renovations and retail repositioning to leverage the neighborhood's strong market dynamics and rental demand.