Cosmetics company Maybelline’s former headquarters on Chicago’s North Side hit the market with owners hoping to fetch bids up to $18 million after a full renovation last year.
The Mabel Exchange, a three-story mixed-use building at 5920 North Ridge Avenue in Andersonville, is listed for sale, ConnectCRE reported.
“With the commercial space fully leased and residential rents trending upward in the building, we anticipate the market will possibly reach $18 million for The Mabel Exchange,” said Andy Friedman, Kiser’s director.
The building comprises 52 renovated apartment units on the second and third floors and 20,452-square-foot of fully occupied commercial space on the first floor.
The building’s first floor housed Maybelline’s headquarters for more than 50 years until the company relocated to Memphis, Tennessee after Williams to Plough Inc,, now Schering-Plough, bought the company in 1967.
“Chicago’s North Side continues to attract the attention of investors, and Andersonville will only continue to increase in desirability for both residents and property owners alike,” said Friedman.
The building is one block from the northern boundary of Andersonville and two blocks from the new METRA station being built at Peterson Avenue and Ravenswood Avenue, according to Kiser’s listing.
Chicago’s multifamily property is a popular investment choice amid high occupancy rates and rising rents.
“North Side from Old Town to Lincoln Square is the most liquid region in the market and regularly records transactions involving all apartment classes, with assets here yielding close to 6 percent on average,” according to Marcus and Millichap’s latest report.
Large multifamily property developments are planned in Fulton Market, a former meatpacking district now filling up with life science and tech companies. LG Development plans to build 664 apartment units across two towers at 1143 and 1150 West Lake streets and New Castle wants to construct a 204-unit apartment tower at 210 North Morgan Street.
[ConnectCRE] – Connie Kim