CBRE has successfully brokered the sale of 5th Avenue Station, a mixed-use property consisting of 118 loft-style apartments and 94,422 square feet of commercial space, in Naperville, Illinois. The property was sold to San Francisco-based Friedkin Realty Group, Inc. and Bridge Capital Partners, Inc., their second acquisition in Naperville.
“This property is in a fantastic location and has been a proven, long-term asset in this vibrant market,” said Dan Cohen, executive vice president at CBRE, who represented the seller, 5th Avenue Station LLC, along with executive vice president John Jager. “As more development is planned for the immediate surrounding area, it should become even more desirable and remain one of Naperville’s premier properties for years to come.”
Constructed in 1918, the building is a former Kroehler Furniture factory, which is now listed on the National Registry of Historic Places. The property underwent an adaptive re-use renovation from 1986-88, including extensive interior and exterior work. Both the apartment homes and office component are near 100 percent occupied.
The property is within walking distance of Naperville’s Metra station and vibrant downtown and it offers amenities such as a grand community room, a fitness center and a rooftop deck with grilling stations. A city-owned parking lot adjacent to the property is currently being redeveloped to include new restaurant options and an improved streetscape.