An affiliate of Next Realty LLC has completed the acquisition of a prime land parcel at the southwest corner of Touhy and Crawford avenues in Lincolnwood to take advantage of a redevelopment opportunity. The purchase price of the property was not disclosed.
The seller was a local private investor.
Adam Firsel, Next Realty’s director of acquisitions, represented the Next Realty affiliate in the transaction. Firsel joined Next Realty at the beginning of the year.
Immediately following the acquisition, Next Realty began marketing the 17,000-square-foot site for redevelopment to national tenant prospects, including restaurants, small retailers, coffee shops and banks, as either a single or multi-tenant retail facility. The site could be configured to include a drive thru facility.
The area of Lincolnwood where the parcel is situated is densely populated with more than 271,000 people in a three-mile radius. More than 26,000 vehicles travel Touhy Avenue per day and another 13,000 vehicles travel Crawford every day at this intersection.
According to Firsel, certain segments of the retail industry, including restaurants, coffee shops and banks, always are looking for new sites in densely-populated, well-traveled locations. He noted that this represents the seventh acquisition completed by Next Realty, which is capitalized by Next Realty Fund VII, in the last 18 months.