CHICAGO—A private hotel real estate company has acquired a 4,700-sq.-ft. site of vacant land located next to the Chicago Motor Club building from Aries Capital, which took ownership of the vacant land and the building at 68 E. Wacker Place last year.
In the sale, Aries Capital was represented by Andrew Wilson, the firm’s vice president. Paul Faver of JB Real Estate Investment Group advised Aries Capital on the transaction and is advising the firm on the Chicago Motor Club building.
Aries Capital plans to market the Chicago Motor Club building.
“By selling the vacant land next to the Chicago Motor Club building, we are now able to bring this historic asset and opportunity to the market unencumbered,” said Neil Freeman, chairman and CEO of Aries Capital. “This will open the door for a variety of potential investors and buyers that are interested in redeveloping just the building. It’s a chance to preserve the past while defining the future."
Constructed in 1928, the Chicago Motor Club building is a 15-story, 89,000-sq.-ft. building that was designed by Holabird & Root. Since purchasing the building and vacant land last year, Aries Capital has positioned the building for sale and redevelopment.
The building features a three-story lobby and is eligible for historic tax credits and the City of Chicago’s landmark Class L property tax reduction.