MPI Sells Gold Coast Commercial Condo for $1.1 Million

Millennium Properties R/E, serving as the exclusive sales advisor to the asset manager, recently completed the sale of an eco-friendly commercial condo at 1250 N. LaSalle for $1.1 million.

At the base of an 18-story residential condo tower, the 4,970 square foot unit occupies the first three floors and is the only commercial unit in the building. The space was built-out as a high-end medical day spa with organic and energy efficient touches. The eco-friendly space was designed according to LEED certification standards and features extensive use of organic, sustainable, recycled and non-toxic materials.

The unit was purchased by Suite Home Chicago, a corporate housing firm that will use the space as the company’s primary office. The company has furnished, extended stay units in three luxury condo towers on the Near North Side.

“In 2005, we sold this commercial condo as a concrete shell to a medical spa for $855,000,” said Greg Block, executive vice president of Millennium Properties. “Approximately $1.5 to $2.0 million was spent to update and build-out the space; however, the property was foreclosed upon and taken back by the bank without ever being occupied.”

“The most challenging aspect of selling this condo unit was finding a buyer who would appreciate and value the lavish build-out,” added Daniel J. Hyman, president of Millennium Properties. “The new owners will likely make subtle modifications to make the space more functional as an office.”