SOLD
Honore Properties Purchases Office Building On South Clinton St In Chicago For $4.8M
118 South Clinton Street
Office
72,000 SF
72,000 SF
Sold 14 days ago
Summary
Sale
ILLINOIS
Office
72,000 sqft
The West Loop office building located at 118 South Clinton Street in Chicago was sold for $4.8 million. The property spans 72,000 square feet and is set to be converted into 70 apartments by the buyer, Michael Shenouda of Honore Properties.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $4,800,000
- Buyer: Michael Shenouda - Honore Properties
- Seller: Robert Bellinger - ASB Real Estate Investments
- Market: Chicago
- Address: 118 South Clinton Street
- Square Footage: 72,000
Michael Shenouda, the founder of Honore Properties, led the acquisition of the office building from Robert Bellinger of ASB Real Estate Investments. Shenouda intends to convert the seven-story structure into residential units, aligning with the trend of repurposing office spaces in downtown Chicago to meet the high demand for apartments. The conversion is expected to result in the addition of 1,000 new apartments in the area, in line with Mayor Brandon Johnson's initiatives for residential development.
Details
SOLD
IMAGE: Robert Bellinger & Michael Shenouda
DATE: 05/03/2024
ADDRESS: 118 South Clinton Street
MARKET: Chicago
ASSET TYPE: Office
BUYER: Michael Shenouda - Honore Properties (@HonoreProperties)
SELLER: Robert Bellinger - ASB Real Estate Investments (@ASB.RealEstate)
SALE PRICE: $4,800,000
SF: 72,000 ~ PPSF: $67
NOTE: Honore Properties, led by founder Michael Shenouda, purchased a West Loop office building at 118 South Clinton Street for $4.8 million in cash, aiming to convert the 72,000-square-foot, seven-story structure into 70 apartments. This move reflects a trend among developers in downtown Chicago, where the demand for apartments is high and there is surplus aging office space, aligning with Mayor Brandon Johnson's plans to provide taxpayer subsidies for residential conversions in the area, potentially resulting in 1,000 new apartments. Shenouda noted that the building's layout, featuring central elevators, stairwells, and ample natural light, makes it well-suited for residential conversion without the need for subsidies, although Honore will need to secure a construction loan and relocate existing commercial tenants with expiring leases.View on map
Loading...
Address118 South Clinton Street
Comparables
Reset filters to show results.