(Read more on the multifamily market.)
CHICAGO-Local condominium developer Brycor Inc. has acquired a redevelopment site in the Wrigleyville area for nearly $2 million. The 6,000-sf parcel at 3608 N. Southport Ave. sold for about $329 per sf.
The seller was a family partnership, which also operated Lindstedt Plumbing at the location. Terry Yormark, with Arlington Heights-based Sperry Van Ness, represented both the seller and buyer.
The property is near the intersection of Addison Street and Southport Avenue and has good visibility, Yormark says. The plumbing business was not in need of a location with a lot of drive-by traffic and used some of the proceeds from the sale to open up the business at a different location in Chicago, Yormark says. There are four separate structures on the property with including a small 325-sf building 3612 N. Southport Ave. where a children's boutique had been located, Yormark says. There are some apartment units above 3608 N. Southport and in a three-story building behind it in addition to a garage. The buildings were constructed approximately 60 to 70 years ago, he says.
Yormark says that the price paid for the redevelopment site is “eye popping” but adds the site is well-suited for a development because of the “frontage on Southport and vicinity to Wrigley.” Any development in the area that includes with some retail has been successful, he says. The site is also larger than most city sites which would be appealing to developers, he says. The property is zoned for condominiums with retail on the first floor, Yormark says. There had been speculation that a condominium development might be constructed soon on the site but Brian O'Malley, with Brycor, said that there are no immediate plans for tearing down the buildings. O'Malley says he plans to lease up the approximate 900 sf of retail space in the buildings.
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