In the News
SPNA Is Proud To Announce Its Purchase of Gallery 1250
Located in Old Town, Chicago, Gallery 1250 is at the center of a town that has been popular for over a century. The property is situated in an area populated with many contemporary restaurants, bars and shops, as well as the Second City theater, one of the most famous comedy clubs in the world.
The area demographics around the property are notable as well. Within a one-quarter mile radius of the Property, 76% of residents have earned a bachelor’s degree or secondary degree. At over $135,000, the annual household income is almost double the citywide average.
Just downstairs of Gallery 1250 are Old Town’s many specialty shops full of handmade goods, music and books, spices, and cigars. Charming coffee shops and family-owned restaurants abound, as well as a mix of seasoned taverns like Old Town Ale House and newer bars like Old Town Pour House. Rarely does Old Town see new construction, so the opportunity to renovate this property is a unique one. With 18 stories and 130,340 sq ft of rentable area, the property is ripe to be renovated into a true premium living space.
SPNA’s acquisition of Gallery 1250 offers investors the opportunity to reposition a residential tower in one of Chicago’s most affluent neighborhoods.