SVN | Chicago Commercial brokered the sale of a 250,000-square-foot, multi-building property at 1334, 1330 and 1030 N. Kostner Avenue in Chicago. The asset, located on 6.5 acres in an opportunity zone, sold for $8,250,000.
Jennifer Hopkins and Olivia Czyzynski of SVN | Chicago Commercial represented the buyer along with John McDermott of SVN | Chicago Commercial who represented the seller along with outside broker Amy Van Hook. 1334 Kostner Owner, LLC (IBT Group LLC) purchased the property and plans for an extensive office redevelopment project.
“This was the vision of the IBT Group who intend on providing a creative office campus for office and tech users in the West Humboldt Park area—continuing the transformation of this upcoming market,” Hopkins said. “The sale took over two years to close due to extensive planning and negotiations. The vision and foresight of the IBT Group is a much-needed redevelopment for this area and provide revitalization for this property with benefits for the existing and new residents.”