ADF Capital, Ltd. recently sold the 15,773-square-foot Winnetka Laundry Mall for $4.85 million dollars to Max/Connor, LLC. The disposition of the property follows a successful $1 million redevelopment and renovation of the property, completed in 2012, which ultimately led to its 100 percent occupancy at the time of sale.
Located in Winnetka’s central business district at 566 Chestnut Street, the Laundry Mall was originally built in in 1925 as the home of the Nelson Laundry Company. The property was converted to multi-tenant retail and office use in 1980 and acquired by ADF Capital in 2005.
ADF’s renovations to the one- and two-story, brick-and-masonry building included extensive tuck pointing, rebuilding parapets and updating the awnings to achieve an upscale look worthy of the affluent neighborhood in which the Laundry Mall is located. Additionally, ambient heated floors were provided for an outside eating space for anchor tenant, Avli Restaurant.
“Over a period of nine years – despite the market crash – we maintained four of the original tenants and ultimately brought the property to full occupancy,” said ADF President and CEO Tony Fox. “Our improvements certainly enhanced the value of the property, but more importantly, we achieved ADF’s core philosophy by supporting this neighborhood’s need to have centrally located retail and restaurants,” he added.
The one- and two-story, 15,773-square-foot building, located on a 24,621-square-foot site houses 10 tenants, including anchors Starbucks Coffee Company and Avli Restaurant.
