A private investment group represented by JBS Commercial Real Estate has acquired an historic landmark building on Main Street in downtown Downers Grove. The purchase price was approximately $2.5 million.
The building at 5131-5135 Main Street is a two-story mixed-use asset totaling approximately 9,300 square feet of space. Anchoring the ground floor retail space is Piece Tavern, which occupies 3,161 square feet. Style Studio occupies the adjacent 1,218 square feet of space.
The second floor space currently features a mix of eight studio and one bedroom apartments but offers the ultimate full-floor flexibility. The new owner is evaluating the highest and best use for the space. It could remain as apartments that could be modernized, or it could be converted to commercial office space totaling approximately 4,600 square feet.
The property is situated in Downers Grove’s Central Business district at the northeast corner of Main St. and Curtiss St. It is one block from the Metra Station which is a significant benefit for the property and its tenants, whether commercial, retail or apartments.
“The building is in a great suburban location, which will be especially beneficial in a post-COVID world,” Jason Shibata, a Principal and Founder of JBS Commercial Real Estate said. “The investor views that strength, along with the flexibility of uses for the second floor, as a great opportunity to acquire the property.”
Jason Shibata, Partner, JBS Commercial Real Estate, represented the Buyer in the transaction. The Seller was represented by Mark Butler of Butler Properties.