Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • People On The Move
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Events
  • Advertise
  • Login/Register

33 Realty brokers $5.35M sale of mixed-use Logan Square building

December 11, 2018
Share on Facebook Share on Twitter Share on LinkedIn Share via email

Chicago-based commercial real estate firm 33 Realty recently brokered the $5,350,000 sale of a 20,190-square-foot, mixed-use building located at 2000 N. Milwaukee Avenue in Chicago’s Logan square neighborhood.

The building, constructed in 2007 and originally slated to be condos, was acquired in December 2014 by Randolph Street Realty Capital who embarked on a repositioning campaign to brand the community as Class A apartments. It consists of 15 rental units and two ground floor retail units totaling just over 3,200 square feet. The site has a total of 16 parking spaces, achieving a hard to find 1:1 parking ratio.

“While we have seen an uptick in out-of-town money investing in Chicago, we have also seen long-established Chicago players recalibrate their buying criteria to expand into new markets,” said Sean Connelly who, along with Davis Edgerly, represented both the buyer and seller in the transaction. “We believe that this demand will continue and that demand for these properties as long-term holds will command a premium despite negative press and rising interest rates.”

In consideration of the rapid growth of the area, the buyer, Newcastle Limited, is planning a thoughtful value-add program which will boost residential as well as retail rental revenue. The retail spaces are currently occupied by a pet groomer and a construction contracting firm.

Tags
33 RealtyChicagoLogan SquareMixed-usemultifamilyNewcastle Limitedrandolph street capital
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IllinoisMultifamily

Kinzie Builders completes Elm Street Place rental townhomes in Deerfield

January 15, 2021
MichiganOffice

P.A. Commercial sells 95,000-square-foot office near Detroit

January 15, 2021
IllinoisMultifamily

Lendlease and Magellan Development Group top off Cirrus and Cascade in Chicago’s Lakeshore East

January 15, 2021
IllinoisMultifamily

Marcus & Millichap arranges the sale of 10-unit apartment building

January 15, 2021

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Subscribe
  • Advertise
  • Office Locations
© 2021 REjournals.com