CHICAGO — JDL Development LLC and Centaur Capital Partners have purchased Cobbler Square, a historic, 292-unit property in Chicago’s Old Town neighborhood, for $88.2 million. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL Capital Markets represented the undisclosed seller in the deal.
Originally built at 1350 N. Wells St. in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The community offers a mix of studios, one- and two-bedroom, loft-style units. The property also includes 19,038 square feet of retail space.
JLL stated that 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.