Sterling Bay Completes $110M Sale Of Lincoln Yards Property
The Chicago office market may be struggling with the impact of the coronavirus pandemic, but out-of-state investors keep showing great interest in certain local properties.
Sterling Bay completed the $110M sale of 1515 West Webster Ave., the first building at its Lincoln Yards mixed-use development. Like its McDonald's Corp. headquarters at 110 North Carpenter St. in Fulton Market, which the developer recently sold for $412M, the 207K SF Lincoln Yards building is 100% occupied.
The buyer was Philadelphia-based Apex Capital Investment Corp., which Crain's Chicago Business reported was backed by a real estate investor from the Middle East.
A Cushman & Wakefield team of David Knapp, Tom Sitz, Cody Hundertmark and Josh McGee marketed the 1515 West Webster Ave. property, constructed in 2018 on the site of the former Gutmann Leather Tannery and occupied by C.H. Robinson's Midwest headquarters.
“1515 West Webster generated an unprecedented amount of interest from both domestic and foreign capital and reflects the desirability of a Lincoln Yards trophy asset,” Knapp said in a release.
This was Chicago’s fourth-largest office sale price of 2020, he added.