Newmark Knight Frank (NKF) advised Hollander Holdings, LLC in the sale of its 106-year-old property on Milwaukee Avenue in Chicago. The historic site comprises a five-story, 26,700-square-foot masonry building located at 2418 N. Milwaukee Avenue, plus 11,000 square feet of neighboring land.
NKF’s Jim Cummings and Brian Carroll represented Hollander in the sale. The buyer, GW Properties, plans to restore the Hollander building and create a mixed-use site that includes boutique office and retail on the ground floor. Also in the redevelopment plans is the addition of an apartment building with ground-floor retail.
“Over the last couple of years, we have seen a flurry of new development along Milwaukee Avenue due to Transit Oriented Development (TOD),” said Cummings. “Not only was the opportunity there for the buyer to preserve and restore a historic property in a booming community, but also to redevelop the use with an addition of a brand-new building.”
The property was built in 1912 and has been owned by the Hollander family since. The storage and moving company, headquartered in Elk Grove Village, Illinois, used the Logan Square location to house store archives and records. The Hollanders have already vacated the Milwaukee Avenue facility and relocated its materials to its main office.