The three properties are near Anthropologie's location at 3532 N. Southport Ave., in addition to Krista K, Trousseau, City Soles and Uncle Dan's. The area is surrounded by 800,000 residences and is served by both the Chicago Transit Authority's Brown Line train route and the Addison bus route. Additionally, the area has ample street parking, Oliff says. Oliff says he had lived in the area for about 15 years and also owns property about a half a block away from the recently acquired properties on Southport Avenue. "That is where the pedestrian traffic is and that is where the quality retailers today are," he says.

None of the three properties had been listed for sale. "I started actively pursuing (the properties) last August," he says. The three buildings were constructed in the 1920's and 1930's. Preferred Development plans to demolish the buildings sometime in August and hopes to start construction in the fall. The buildings are expected to be ready for occupancy at the end of 2009. Asking lease rates will be similar to market rates for the area, which are currently between $40 per sf and $60 per sf, net, Oliff tells GlobeSt.com.