Fern Hill Buys Downtown Chicago Museum Building
The $6 million transaction included the third and fourth floors of the Museum of Broadcast Communications building, totaling 27,500 square feet.
360 N. State St. Image courtesy of Marcus & Millichap
Marcus & Millichap has arranged the sale of the third and fourth floors of the Museum of Broadcast Communications building in Chicago’s River North neighborhood. The buyer was Fern Hill Co., a local real estate development and investment firm, who plans to renovate and reposition the property. The purchasing price for the approximately 25,000 square feet included in the transaction was $6 million.
The four-story property is located at 360 N. State St. and encompasses a total of 54,000 rentable square feet. MBC used to occupy the three upper floors, but it consolidated at the second floor. The ground floor represents retail space.
Senior Vice President Kyle Stengle and First Vice President Stephen Lieberman with Marcus & Millichap’s Chicago downtown office exclusively marketed the property.
“This is an outstanding location – it’s in the heart of River North and right next to the House of Blues, so it lends itself to many uses including entertainment,” said Stengle in a prepared statement. “The fourth-floor ceiling heights (22 feet) and the exclusive balcony gives it great potential.”
Earlier this month, a few blocks south on State Street, Marcus & Millichap brokered a $9.1 million retail sale.
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