Mid-America Real Estate Corporation’s Investment Sales Group has completed the sale of Lincoln Park West, a 37,615-square-foot retail property positioned in the heart of the Lincoln Park neighborhood. The transaction involved an iconic, multi-tenant asset that combines stable in-place income with a clear path for future value creation, particularly on its largely underutilized upper level.
The property features a durable rent roll supported by a mix of national and local tenants. Current occupants include PNC Bank, Starbucks, RJ Grunts, and Lincoln Park Preschool, which together contribute to long-term income visibility. According to the brokerage team, the tenant roster is secured by a weighted average lease term of seven years, providing the buyer with a meaningful runway of contractual cash flow.
In addition to its existing leases, Lincoln Park West offers a significant upside component. The second floor comprises 19,531 square feet that can support either additional lease-up activity or an adaptive reuse strategy, depending on future ownership objectives and market demand. This combination of stable ground-floor tenancy and flexible second-floor space positions the asset as a potential value-add play while maintaining income from established retailers and service providers.
Physically, Lincoln Park West is located at the base of a residential tower at the intersection of Lincoln Park West and Clark Street. The retail component occupies the ground level of a 16-story luxury condominium building, benefiting from built-in residential demand directly above the storefronts and strong neighborhood foot traffic. This integration with a high-rise condominium structure reinforces the property’s visibility and access within a well-established, densely populated area.
Mid-America Real Estate Corporation Senior Vice President George Ghattas, Principal Joe Girardi, and Senior Associate Patrick Corrigan served as the exclusive listing brokers on the assignment. The team represented the seller, LLJ Ventures, in marketing the asset and arranging the sale. Their efforts culminated in a transaction with a local private investor, who acquired the property as part of a direct investment strategy in the Lincoln Park retail market.
The combination of long-term leases, recognizable tenants, and the potential to reimagine or lease the second-floor space underpins the investment thesis for Lincoln Park West. While financial terms of the deal were not disclosed, the buyer is inheriting an asset with established day-to-day activity from banking, coffee, restaurant, and educational uses, together with future upside tied to the sizable second-floor component. The transaction underscores ongoing investor interest in retail properties that are embedded in mixed-use residential environments and supported by strong neighborhood fundamentals.
