Greenstone Partners, a leading commercial real estate brokerage firm in Chicago, announces the sale of a retail development site in Oak Lawn, Illinois. The transaction closed for $2.65 million or $57 per square foot and was brokered by Greenstone Partners Senior Director Brewster Hague and Investment Associate AJ Patel.
“The site was comprised of a vacant restaurant, is situated on a 1.07-acre land parcel, and formally home to a Texas Corral. The property is prominently located within one of the area’s top commercial corridors and sees nearly 50,000 vehicles per day,” said Hague.
“The buyer saw the unique opportunity to acquire and demolish the restaurant to make way for a brand new, ground up retail development,” said Patel.
Located at 6616 W. 95th St., the site is comprised of approximately 165 feet of frontage. Sitting across the street is Chicago Ridge Mall, which purportedly experiences 6.9 million visitors annually and features Kohl’s, AMC Theaters, Aldi, Bed Bath and Beyond, Michael’s, Old Navy, along with 130 small shop tenants.
The property also benefits from excellent public school systems and its close proximity to the Advocate Christ Medical Center, which recently underwent a $300 million expansion and accommodates more than 100,000 annual patient visits.
Greenstone Partners procured both buyer and seller in this off-market transaction.
