Cedar Street Co., a leading diversified holding company headquartered in Chicago, acquired a retail property in Uptown – 4600 N. Magnolia – through a short sale from BBNC Bank. The quick close is in sync with Cedar Street Co.’s core Uptown strategy to restabilize buildings and bring economic growth to Chicago’s North Side.
Cedar Street Co. closed the property in cash for $750,000. Located in the hub of Uptown, Cedar Street Co. plans to reposition the retail center by adding new tenants while keeping the current anchored tenant, Starbucks.
“This new property marks our fifth Wilson Avenue acquisition in about a 10 block stretch from Sheridan to Clark Street,” Managing Partner Alex Samoylovich said. “With our focus on the Uptown neighborhood, it is a key addition to our core market holdings in the 46th Ward and Wilson corridor.”