SVN | Chicago Commercial has just completed the sale of an approx. 22,000 SF land site, located at 5970 N. Ridge Avenue in Chicago’s Edgewater neighborhood. Wayne Caplan, senior vice president of SVN, was the sole broker in the transaction. The property sold for $1,150,000.
Previously on the market, the property was home for decades to Chicago based Carson’s Ribs restaurant chain before being vacated for sale in 2006. The property had a number of fits and start overs the past several years. However, the ultimate purchaser, Crossroads Development Partners, just put the property under contract and closed within a couple of weeks.
“The site has some layout challenges, but also has a daily vehicle count of over 55,000, which should make it appealing to potential users and tenants who want to take advantage of that kind of exposure,” Caplan said. “It’s also around the corner from the soon to be built Edgewater Metra station on Peterson Avenue. I don’t know what Crossroads ultimately has planned, but they will figure something out that takes advantage of the site’s attributes,” Caplan added.
