UrbanStreet Group, LLC has acquired 1000 and 1010 Lake Street in Oak Park, Illinois for $6.95 million. The two-story retail and seven-story office buildings are located in the downtown area of Oak Park.
“This is truly a transaction where both buyer and seller were extremely pleased with the outcome, and it is a very positive project for downtown Oak Park,” stated Keely Polczynski who represented the seller, a private partnership.
The building at 1000 Lake Street was constructed in 1959 and previously home to the Lytton’s department store. The building at 1010 Lake Street building was built in the 1960’s and was once known as the IBM Building.
This is UrbanStreet’s first investment in the Oak Park area. In a prepared statement, Bob Burk, Managing Partner at UrbanStreet said, “We are excited to be part of the vibrant community of Oak Park and look forward to working with the Village of Oak Park.”
William J. Novelli, Jr., senior vice president with CBRE, the real estate company that brokered the deal, said that the 24,017 square foot, two story building at 1000 Lake St., will most likely be redeveloped into some other multi-use.
“It definitely will be first floor retail,” he said. “It could possibly have a second floor medical office, or regular office, then maybe some kind of multi-housing above it. Oak Park is looking for more residential housing, and more apartments. A lot of apartments over the years there have been converted to condos.”
Tammie Grossman, development customer services director for the village, according to an Oak Park article, said the village has not received any proposals or permit applications for redevelopment of the 1000 Lake St. site.
Novelli said a redevelopment deal for a multi-story project at 1000 Lake St. could take 2 to 4 years, but in the meantime, UrbanStreet will rehab the seven-story office building at 1010 Lake St.
“1010 is going to stay as an office building,” he said. “Initially they’re going to reconfigure the first floor retail. They’re just going to rehab the common areas. There’s a couple of floors available now so they don’t have to re-do space as they lease out the vacant space.”
According to Novelli the second and third floors of the building have been vacant since the Cook County Department of Health left the location around 2010. Current tenants are smaller clients with office space from a few hundred to a few thousand square feet, he said.
