A fully leased retail condominium in Chicago’s Wicker Park neighborhood has traded, with Greenstone Partners announcing the sale of 1521 N. Milwaukee Ave. The two-level, 10,600-square-foot retail condo is fully occupied by Urban Outfitters and sold for $4.125 million. The building is configured across ground and second floors, with additional lower-level space and Milwaukee Avenue frontage in one of the neighborhood’s core retail corridors.
Greenstone Partners’ Managing Partner Danny Spitz and Partner Brewster Hague represented the seller, Newcastle Investors, in the disposition. The firm noted that Newcastle has been a longtime owner of retail properties in the Wicker Park area. Spitz also previously brokered Newcastle’s acquisition of the same property in 2013, underscoring a long-standing relationship between the advisor and the ownership. The current buyer was not disclosed.
Urban Outfitters has occupied 1521 N. Milwaukee Ave. since 2005, making the retailer an early national-brand entrant to Wicker Park’s commercial strip. Its long-term presence at the address has positioned the store as one of the first national retailers to establish a storefront in the neighborhood, helping anchor the evolution of the corridor into a destination for branded retail. The property is currently 100% leased to Urban Outfitters, providing stable in-place tenancy at the time of sale.
In addition to the ground and second-floor retail areas, the property includes an extra 2,676 square feet of lower-level space, adding to the overall functionality of the building for merchandising, storage, or back-of-house uses, as determined by the tenant. The site also benefits from approximately 50 feet of frontage along Milwaukee Avenue, offering strong street visibility and exposure in a walkable, shopping-oriented location.
The Urban Outfitters store sits among a cluster of national and specialty retailers that have gravitated to Wicker Park over time. Nearby tenants on or around Milwaukee Avenue include Barnes & Noble, Adidas Originals, Levi’s, Abercrombie & Fitch, Wells Fargo, Carhartt, CAVA, sweetgreen and Supreme. This concentration of brands highlights the neighborhood’s role as a regional draw for retail, with a mix of apparel, lifestyle, financial services and restaurant concepts operating in close proximity to the property that just changed hands.
