Located in the thriving West Loop neighborhood, this adaptive reuse development of a former produce distribution facility into a 300-seat cabaret restaurant and performance hall is a great example of our ability to create maximum value for our clients in real estate. Through their broker network, NelsonHill identified the Manhattan-based, City Winery that occupies the same size space in New York as the offering. The $9 million, 28,000 Sq. Ft. redevelopment project has become a destination for entertainment and expanded Restaurant Row.
Mark and Michael Nelson, Principals with NelsonHill were brought in to work closely with Popcorn Palace’s senior management team to consider such factors as location, initial square footage, future expansion requirements, functional layout criteria, occupancy date and financial implications. After four market tours over the course of six months, the NelsonHill team helped the client narrow down their selection to the most desirable facility for their operation and got them pre-approved for favorable SBA financing by making multiple introductions to different banks that then began to compete for Popcorn Palace’s business.
Originally owned by the Illinois Automobile Club and designed by famous architect, Philip Maher, the building located at 2400 S. Michigan Avenue in the historic Motor Row District sat vacant since its previous owner, The Chicago Defender, vacated in 2006. With the recent transition of the South Loop and Motor Row District, NelsonHill understood the value developers would place on this historic property and helped ownership extract the highest offer for redevelopment. Revel Events purchased the property in 2014 and plans to open the event space to the public late 2016.
NelsonHill competed against four other local and national commercial real estate brokerage firms to win the assignment to represent Economy Folding Box in the sale of 2601 S. LaSalle Street in Chicago. The NelsonHill team launched an aggressive marketing campaign targeting self-storage, residential, flex office and educational users in the City, along with developers and investors within their proprietary database. U-Haul, an international company that has provided trucks and storage space to self-movers for 69 years, was attracted to the 165,674 Sq. Ft. South LaSalle property because of its excellent visibility from the interstates.