Cushman & Wakefield Managing Directors Todd Stofflet and Jason Stevens have represented JP Morgan Asset Management in the sale of a 74-unit mixed-use property in Chicago’s Fulton Market. RDG Funds paid $40.2 million for 1313 Randolph Street Lofts, equivalent to $542.567 per unit. The deal closed a few months after the same team brokered the sale of Luxe on Chicago, securing one of the highest prices per unit in the neighborhood, at $525,000.
The community is situated a few blocks from the new global headquarters of McDonald’s and the Midwest headquarters of Google and provides access to several public transit options, including CTA’s Green, Pink and Blue lines. The property comprises two buildings: a three-story concrete structure at 1313 W. Randolph, completed in 1927 and named to the National Register of Historic Places in 2012, and 114 N. Elizabeth, a two-story building from 1892.
Units range from 470 to 1,270 square feet, according to Yardi Matrix data, and can be rented for an average of $2,282 per month. All apartments feature 11-foot ceilings, large windows, concrete floors, modern kitchens and full-size, in-unit laundry. Shared amenities include a rooftop deck with gas grills and dining areas, resident lounge, pool table, media center and theater room.
The property was converted to apartments in 2013, having also a full floor of retail space. According to Yardi Matrix data, JP Morgan Asset paid $32.5 million for 1313 Randolph Street Lofts a year later, when the company purchased the community from Ares Management.
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