Investment Overview

737-739 North La Salle Drive is a prime opportunity to acquire a perfectly positioned property within one of Chicago's highly sought-after neighborhoods, River North. 737-739 North La Salle Drive is offered to the market vacant, presenting a value-add mixed-use opportunity. The property is ideal for restaurant or general retail uses. The property presents new ownership with a rare re-purposing opportunity or value-add play. Conceptual drawings of a potential extended-stay hotel property have been included in the data room for those interested. The property also comes along with an additional 30,000 square feet of air rights permitted at the site. This flexible asset is within one of Chicago's most sought-after neighborhoods, River North. River North is largely considered one of the most stylish sections of Chicago, a distinction that is no small feat. This neighborhood features a staggering array of art galleries, cutting-edge architecture, and a diverse selection of restaurants and high-end retailers. Time and time again, this destination proves to be a magnet for those passionate about culture and visual arts and appeals to tourists and locals alike. The cityscape offers a treasure trove of architectural marvels, including many well-preserved historic buildings well over a century old and modern skyscrapers that house residential units and professional offices. Major companies, including Google, BMO Bank, Groupon, and more, call this area home and keep demand for office space high. Chicago's retail market continues to perform at a consistently high level. The market has chronicled a 12-month move-in rate of 1.9 million square feet during Q3 2024. Chicago's availability rate continues to shrink, falling to a new lowest point in over 30 years, now resting below 6%. Factors bolstering this strong market trajectory are fewer business closures versus new openings as the retail industry surges market-wide. The rising demand for retail space is driven by the sustained growth of dining, discount retailers, fitness, and the expansions of the education and healthcare sectors. Currently, the market's overall vacancy rate is below 5%, forcing tenants to battle for space coming onto the market. Do not miss the opportunity to acquire this flexible mixed-use asset in Chicago's swanky River North District. It presents new ownership with immense upside and endless optionality.