MBRE Brokers Community-Focused Land Sale for the Ecumenical Institute
Chicago, IL | March 18, 2021
MB Real Estate (“MBRE”) is pleased to announce the recent sale of 9,335 square feet of land at 4747 North Sheridan Road in Chicago’s Uptown neighborhood. MBRE represented the seller of the property, the Ecumenical Institute (“EI”), Institute of Cultural Affairs’ (“ICA”) sister organization that owns and operates ICA GreenRise at 4750 North Sheridan Road. ICA GreenRise is the largest nonprofit and social services center in the Midwest, serving over 1,000 clients per week through an array of services.
MBRE was engaged by EI and ICA to monetize its interest in the 23,337-square-foot parking lot across the street from the ICA GreenRise while simultaneously maintaining access to 40+ parking spaces needed to service the ICA GreenRise. In addition, it was critical to EI and ICA that any transaction help further its mission of environmentally conscious development, sustainability, community wellness, and a commitment to building a just and equitable society.
MBRE identified over a dozen affordable housing developers interested in the property and helped EI and ICA evaluate potential joint venture partnerships with each developer. After thorough consideration, EI and ICA decided to sell 40% of the site to local nonprofit Sarah’s Circle, which plans to develop a 28-unit affordable and supportive housing community for women. EI and ICA will keep the remaining 60% of the site for the parking needs of the ICA GreenRise.
MBRE Vice President David Kimball led the sale with MBRE Senior Vice President Jay Beadle. “Sarah’s Circle ended up being the perfect buyer for the site,” said Kimball. “They are a great mission match for EI and ICA and have a truly positive impact on the local community. The sale also provides EI and ICA the immediate inflow of capital to pursue additional community-focused projects.”
The sale was completed on February 18, 2021 at over $133 per square foot.