NAI Hiffman and Atlantic Real Estate Services have been exclusively retained to facilitate the disposition process for 2101 South Wabash Avenue in Chicago, Illinois.
The disposition team is faced with the challenge to market the recently upgraded 50,000-square-foot R&D lab facility to a specific user type amid the South Loop submarket, ripe with redevelopment, repositioning and land assemblages.
“The task for the property will focus on identifying uniquely positioned tenants or buyers in the market who will be able to extract the most value from the property’s existing laboratory infrastructure and South Loop location on behalf of our client,” says Kelly Disser, senior vice president with NAI Hiffman’s industrial services group.
Located at the southeast corner of Wabash Avenue and East 21st Street in Chicago’s South Loop, the area surrounding the asset is amid the early stages of transformation with numerous planned redevelopments. In the past nine months, multiple sales have occurred within a one-block radius of 2101 South Wabash Avenue. Additional plans exist for new developments including hotels, the expansion of McCormick Place, DePaul University’s new arena, and possibly a casino in the immediate vicinity. 2101 South Wabash Avenue is also adjacent to the new CTA Red Line stop planned at Cermak Road and State Street and is in close proximity to numerous educational facilities and universities.
Kelly Disser, Michael Flynn, and Kyle Kreminski, with NAI Hiffman, and Ed Dudzinski, SIOR, CCIM and Jim Foran, with Atlantic Real Estate Services, will lead the disposition process for 2101 South Wabash Avenue.
Source: RE Journals