BUYER PLANS TO REDEVELOP CHICAGO RETAIL PROPERTY

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CHICAGO — New York-based Samson Management has sold 2778 N. Milwaukee in Chicago for $2.4 million to an undisclosed buyer. The 42,000-square-foot, mixed-use property is occupied by Gap Outlet on the ground floor. The retailer recently renewed its 12,000-square-foot lease for another five years. The remaining storefront is leased to a currency exchange on a year-to-year basis. The buyer plans to redevelop the vacant top three floors into rental apartments. Michael Bennet of Newmark Knight Frank represented the seller in the deal. Matt Welke of Essex Realty represented the buyer.

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