CHICAGO — JLL Capital Markets has negotiated the $88.2 million sale of Cobbler Square, an historic, 292-unit apartment property in Chicago’s Old Town neighborhood. The community occupies an entire city block at 1350 N. Wells St. Originally built in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The property offers a mix of studios, one- and two-bedroom, loft-style units with ceiling heights ranging from 12 to 18 feet. The asset also features 19,038 square feet of retail space that is fully leased.
Cobbler Square presents value-add potential with opportunities to continue the programmatic renovation plan for unit interiors. The property also offers development opportunities — potential construction on an adjacent parking lot and the possibility of adding units above an existing parking garage.
Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL represented the undisclosed seller. JDL Development LLC and Centaur Capital Partners purchased the property.