Cedar Street Capital has added 1101 W. Lawrence and the adjacent parking lot at 4750 N. Winthrop, to their growing portfolio. The newly acquired building was purchased through a bank foreclosure REO for $2.7 million and financed by Talmer Bank and Trust.
Conveniently located at the corner of Lawrence and Winthrop Ave., 1101 W. Lawrence is in the heart of the Uptown Entertainment district directly across the street from the Aragon Ballroom and CTA Lawrence Red Line Station. The three-story, mixed use property includes a 10,000 square foot retail space on the first floor currently anchored by Chase Bank. The second and third floor contains condominiums that were not included with the purchase. Cedar Street Co. plans to make $350,000 in improvements and lease the remaining vacant commercial space through a partnership with their general contractor, Method Construction.
Included in the purchase is the parking lot located at 4750 N. Winthrop Ave, which will provide tenants at Lawrence House, another Cedar Street property located only one block east and currently under development, with several parking spaces available to lease.
