SOLD
AP 1035 W Lake St LP Acquires Mixed-Use Property In Fulton Market For $9.5M
1035 West Lake Street
Mixed-use
22,000 SF
22,000 SF
Sold 1 year ago
Summary
Sale
ILLINOIS
Mixed-use
22,000 sqft
The mixed-use property located at 1035 W. Lake St. in Fulton Market has been sold for a total of $9,500,000. The transaction took place on November 19, 2021. The property spans a total of 22,000 square feet, resulting in a price per square foot of $431. It consists of 5 units, with each unit valued at approximately $1,900,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $9,500,000
- Address: 1035 W. Lake St.
- Market: Fulton Market
- Units: 5
- Price per Unit: $1,900,000
- Total Square Footage: 22,000
- Price per Square Foot: $431
The buyer of the property is AP 1035 W Lake St LP, while the seller is West Lake Condominium Association. Vickie Soupos from RE/MAX Destiny represented the buyer in the deal, and Matthew Neistat from Jameson Sotheby's International Realty represented the seller. Both Vickie Soupos and Matthew Neistat played instrumental roles in facilitating the transaction, negotiating a cash deal with no contingencies within just 30 days.
A noteworthy aspect of this sale is the strategic approach employed by Matthew Neistat. In February 2021, the owners enlisted Matthew's services and decided to explore the market for potential buyers. Instead of focusing on development opportunities, Matthew positioned the property as an income-producing investment. This approach, coupled with his extensive network and partnerships, led to a successful purchase and sale agreement with Vickie Soupos and her buyers. The property officially closed on November 19, 2021.
Players
All
4
Agents
2
Agencies
2
Details
SOLD
IMAGE: Matthew Neistat & Vickie Soupos
DATE: 11/19/2021
ADDRESS: 1035 W. Lake St.
MARKET: Fulton Market
ASSET TYPE: Mixed-use
BUYER: AP 1035 W Lake St LP
SELLER: West Lake Condominium Association
BUYER'S REP: Vickie Soupos (@VickieSoupos) - RE/MAX Destiny (@TrustReMaxDestiny) (@colovossouposgroup)
SELLER'S REP: Matthew Neistat (@matt_neistat) - Jameson Sotheby's International Realty (@jameson.commerical) (@jamesonsir)
SALE PRICE: $9,500,000
UNITS: 5 ~ PPU: $1,900,000
SF: 22,000 ~ PPSF: $431
NOTE: In February of 2021, the owners of 1035 W. Lake, hired Matthew Neistat of Jameson Sotheby's (formerly @properties) to exclusively list the property for sale. Matthew put a strategic plan in place; while preparing the marketing materials he compiled a list of brokers & buyers who were already heavily invested in the West Loop, specifically Fulton Market. After making contact, Vickie Soupos of the Colovos|Soupos Group brought a buyer. Within 30 days Matthew & Vickie were able to negotiate a cash deal with no contingencies. The resulting deal was a purchase price of $9.5 million, breaking down to approximately $950 per square foot.
Matthew shared how this sale came to fruition. "The owners had been approached several times since 2015 with offers to purchase & list the property. Each time, the owners were not able to agree to sell or list for sale. In February 2021, I was approached by a referral partner, asking about my thoughts on deconverting the building. By March the owners had decided to explore the market & list with me. I knew that offers would be received, but a concern I had, would the offers be contingent on zoning or density, like most in the area. I decided to focus on selling as an income producing investment property instead of a development. Using this & strategic partnerships/relationships I was able to secure & execute a PSA with Vickie Soupos & her buyers.” The property officially closed on November 19, 2021.View on map
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Address1035 West Lake Street
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