West Loop building with lofted bow truss ceilings sells
A 50/50 partnership involving Chicago-based real estate firms Marc Realty Capital and R2 bought a 12,000-square-foot building at 1210 W. Lake St. for $2.1 million. The building, which features 25-foot bow truss ceilings, houses auto shop Wizard Werks. David Ruttenberg, partner of Marc Realty Capital, said the auto shop’s lease runs out in March 2017. Matt Garrison, managing principal of R2, said the space could house a restaurant or other company once Wizard Werks’ lease is up. “There’s a lot of different options,” Garrison said. “There’s a really limited supply of cool bow truss buildings that haven’t been developed in the West Loop, and that’s what attracted us.” The partnership bought the property from a trust controlled by Chicago-based private investor William O’Neill. The trust bought the property for $600,000 in 2002, according to county documents. O’Neill said the building housed mechanics and artists that created museum displays in the years he has owned it, and he felt now was a good time to sell. Steven Rapoport and Nate Gautsche, commercial brokers at Chicago Real Estate Resources, represented the seller and buyer, respectively, in the deal, which closed June 25.
