Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a mixed-use property including 22 multifamily units and five commercial suites on Damen and Pierce Avenues in Chicago, Illinois, for $15.5 million.
“This was a rare opportunity to acquire a well-maintained, mixed-use asset on a high-profile Wicker Park corner with immediate upside in apartment rents,” said Kyle Stengle, senior managing director investments. “Strong buyer demand, ample parking and proximity to the CTA Blue Line made this a highly competitive offering. With continued rental demand, low new supply and room to bring rents to market level, the property is well positioned for long-term growth.”
Stengle, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, Stocking Urban, LLC.
The property is located at 1542 N. Damen Avenue and 2010 W. Pierce Avenue in Chicago’s Wicker Park/Bucktown neighborhood. The residential units include a mix of one- and two-bedroom floor plans, with garage and outdoor parking available. The Damen and Pierce commercial suites are fully leased to La Colombe, Urbanbelly, Blue Line Lounge & Grill, Eccentric Fitness and the Kadampa Meditation Center.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
