SRS Real Estate Partners brokered the acquisition of what was once a Ravenswood neighborhood Sears, located at 1900 W. Lawrence Ave., in Chicago, the firm said Tuesday.
Kevin Boyd, senior vice president and market leader with SRS, represented SB 1900 West Lawrence LLC in its acquisition of the building. The 40,434 square foot Ravenswood location closed its doors in 2016 after 90 years of operation.
SB 1900 West Lawrence LLC acquired the building with the intent to adaptively reuse the structure for a mixed use of residential and ground floor retail given its proximity to multiple transportation hubs.
Commonly referred to as a transit-oriented development (“TOD”), the use combines street-level retail and residential living within one-quarter to one-half mile of a transit node, incorporating public facilities, open spaces and streetscape to create livable and sustainable urban environments.
“Situated within steps of the recently renovated Ravenswood Metra Station, this location is the perfect TOD opportunity for developers who focus on the conveniences of established neighborhoods,” Boyd said.
