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.
