Sperry Van Ness has announced the sale of two sites to Cedar Street Commercial in Chicago’s Uptown neighborhood for $2.7 million.
Tim Rasmussen of SVN | Chicago Commercial represented MB Bank in the sale of the two properties. The first transaction at 1101 W Lawrence Avenue, a 10,000-square -foot Chase Bank anchored retail building, sold for $1,300,000. The second was a $1,400,000 sale of a contiguous 19,300-square-foot land site at 4750 N Winthrop Avenue. The properties are adjacent to the CTA’s Lawrence Red Line train station, reinforcing the area’s reputation as a transit centric hub.
With Edgewater and Uptown’s extraordinary access to the CTA’s Red Line train stations, SVN advisor Tim Rasmussen, a 15 year market veteran who believes that $900 million is expected to be invested in Edgewater and Uptown’s real estate and transportation by 2020, saw an opportunity to take advantage of this expanding market. Rasmussen says this will be the most significant investment seen in nearly 100 years.