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Pickus' Retreat Tosses 23 Acres Onto Market

GURNEE, IL-Pickus drops its plan to develop land beside a 483-unit complex that it built and sold. The site is entitled for 19 acres of multifamily and four acres of retail.

By Gina Kenny | Updated on March 28, 2008

[IMGCAP(1)]GURNEE, IL-After clearing all zoning hurdles, the Pickus Cos. has brought a 23-acre entitled site to market instead of developing it. The land abuts the Amli at Osprey Lakes, which Pickus developed and subsequently sold.

The Highland Park, IL-based Pickus decided to sell the parcel because “they have committed their capital to other projects,” John Simon, senior director for Cushman & Wakefield of Illinois Inc., tells GlobeSt.com. He adds that the goal is to find one buyer for the 19-acre multifamily-zoned land and four-acre retail tract at the intersection of Delany Road and Sunset Avenue. The C&W marketing team includes director Brian Pohl and Adam Simon.

John Simon points to the 483-unit Amli at Osprey Lakes’ 97% occupancy, with rents hovering $1.20 per sf, as an example of the market demand. The Pickus tract could support up to 500 units. “Clearly, the density is way above the market,” he says.

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