Randolph Plaza LLC Acquires Mixed-Use Building On W. Randolph Street In Chicago For $4.5M

This mixed-use property at 937-939 W. Randolph Street in Chicago's Fulton Market neighborhood was sold in a closed transaction. The three-story building is situated between Sangamon and Morgan and offers a prime location on Randolph Street's Restaurant Row. It is positioned one block away from the Nobu Hotel and three blocks from McDonald's Global HQ. The property is well-maintained and low-maintenance, with shorter-term leases and under-market rents, making it an attractive investment opportunity for seasoned investors. The buyer, Randolph Plaza LLC, acquired this legacy property with the potential to transform it into a premier mixed-use asset.

Summary of transaction details

• Property Type: Mixed-use
• Sale Price: $4,500,000
• Address: 937-939 W. Randolph Street, Chicago
• Market: Chicago
• Square Footage: 8,718
• Price per Square Foot: $516
• Units: 6
• Price per Unit: $750,000
• CAP rate: 5.0%

The seller, Spiros Tsiranidis and Maria Sitelis, were represented by Vickie C. Soupos from Colovos | Soupos Group - RE/MAX Destiny. Meanwhile, Randolph Plaza LLC was represented by Danny Spitz from Greenstone Partners.

Located in the heart of the Chicago West Loop's "Restaurant Row," 937-939 W. Randolph Street offers a wide range of dining options. The neighborhood has evolved from its once "Skid Row" reputation to a cutting-edge gastronomic center, attracting renowned chefs and industry heavyweights. Notable Michelin-starred restaurants in the area include Smyth, Alinea, Grace, Oriole, Blackbird, Next, Mako, Yugen, and Elske. The West Loop also boasts over one million rentable square feet of retail inventory, featuring luxury accommodations like Soho House and the future Nobu Restaurant and Hotel by Robert DeNero. Retailers such as Billy Reid, Lululemon, Free People, Anthropologie, Warby Parker, and Maria Pinto contribute to the vibrant retail scene in the area.