Marcus & Millichap Sells Vintage Bank Building in Chicago's Lincoln Park for $3M

CHICAGO, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 15,000-square foot vintage bank building (top photo) in Chicago’s trendy Lincoln Park neighborhood.

The sales price of $3,050,000 million represents $203 per square foot. The property was listed at $2,850,000 and a small parcel of adjacent land to be used for parking was negotiated into the final sales price.

Michael Marks, Shaun Buss and Sean Lyons, senior associates in the Chicago Downtown office of Marcus & Millichap, represented the seller, Mirro Development.

“The new owner has acquired a classically designed building in an excellent Lincoln Park location with multiple development possibilities,” says Marks.

Located at 1421-25 West Fullerton Ave., the three-story bank building is served by a freight elevator and features a dramatic entrance with split staircase.

Built in 1927, the building still houses the original bank vault and cage in the lower level, which belonged to the building’s original occupant, Fullerton State Bank. Since its development more than 80 years ago, the property has been used for a variety of purposes, including as an office building and antiques shop. Most recently, a previous owner had unveiled plans to convert the property into residential units, but decided to forego the conversion process because of the softening housing market.

This asset has a famous sister building in New York City called the Bank Building (Old New York Savings Bank) (photo at left) on the southwest corner of Eighth Avenue and 14th Street in the West Village.

CONTACT:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/