Keller Williams (KW) ONEChicago recently brokered the 40-unit, mixed-use property at 5228 S Blackstone in Hyde Park for $10,350,000. Records show this sale is the community’s largest transaction for a single, mixed-use property with less than 100 units.
ONEChicago’s Frank Martinez, Multifamily Division Director, and Tony Hardy, Multifamily Division Executive Director,represented both the buyer and seller, respectively. The buyer plans to keep the 5228 S Blackstone as a long-term investment, as the property includes:
· The Hyde Park Salon & Barber: This shop was featured in the hit movie, Barbershop. Barbers have been operating out of that location continually since 1927.
· Boston Market: As the anchor tenant, the food chain has thrived at this location since the mid-1990s.
· Betty O’s Day Spa: The location was listed as one of Oprah’s “Favorite Things” in the 1980s.
Initially, another local commercial real estate company listed the asset at a lower price but could not secure a buyer. “We helped the seller reposition the asset and advised them to complete the construction of 24 new apartments,” Hardy said. As a result, the property generated 17 offers and sold for $3,500,000 over the initial list price.
In 2020, ONEChicago commercial closed more than 17% of all commercial transactions in the Chicago South Lakefront market. Last year, Hardy closed the Presidential Portfolio in South Shore for $17,050,000. Hardy attributes the success to KW’s tools, training, and inclusive culture. “We provide our investors with best-in-class service because we have access to KW’s exceptional technology and diverse salesforce of over 200,000 brokers,” he said.
Hardy joined KW in 2020 with a commitment to championing diversity in commercial real estate, generating wealth in neighborhoods across Chicagoland, and adding value to every transaction. He quickly added Martinez to the team.
“We don’t sell a deal and run; we’re here for the long haul,” Martinez said. “We are in this business to build meaningful partnerships and create lasting legacies.” The leaders also express gratitude for the KW Commercial team’s support. “We have a dynamic team, and everyone is contributing behind the scenes, like Travis Montgomery, who leads all our marketing,” Martinez said.
The team is growing and diversity remains a focus.
“We’re making a difference in the communities we love, and we continue to look for diverse talent to support our incredible customers,” Hardy says. “Diverse practitioners are underrepresented and underestimated in commercial real estate, so having a diverse team is honestly one of our biggest competitive advantages.”