Interra Brokers Chicago Mixed-Use Sale
A private local investor acquired the asset.
The property is located on Chicago’s North Side. Image courtesy of Interra Realty
Commercial real estate services firm Interra Realty has brokered the $12.7 million sale of a mixed-use property on Chicago’s North Side. Interra represented the seller, a private local investor, as well as the buyer, another local investor. The purchaser assumed the property’s existing mortgage, carrying a 3 percent interest rate.
Located at 2827-2847 N. Clybourn Avenue in Chicago’s West Lakeview, the property features 30 apartments and a half dozen commercial spaces. The transaction price represented $352,500 per apartment home. The building was 95 percent occupied at time of sale. All apartments are two-bedroom, two-bath floorplans. Features and finishes of residences include floor-to-ceiling soundproof windows, hardwood floors, custom kitchen cabinetry, quartz countertops and private walkout balconies.
Among the building’s common-area amenities are bike and storage rooms.
Competitive offers
“It’s a great piece of real estate and a new build, only a few years old,” Brad Feldman, Interra Realty senior managing director, told Multi-Housing News. “There were two big spaces in the middle of the building that could add a mezzanine level, and another vacant retail space, as well as flex spaces that had formerly been rented but were now temporarily empty. There were only a couple [commercial] tenants when we were brokering the deal . . . To counterbalance that, the buyer basically signed a lease for two of the spaces, providing some cash flow to the seller. That helped complete the deal . . . I ran a competitive process [with] 12 to 15 showings and a handful of qualified offers.”
The property is situated at the center of several popular North Side residential enclaves, among them Lincoln Park, Logan Square, Bucktown and Avondale. Clybourn Avenue, one of the few diagonal streets on Chicago’s grid, is a heavily traveled shopping byway. The address places residents near CTA bus lines that link to rapid transit lines. Last month, Icarus Investment Group made news by acquiring a multifamily property in a Chicago West Side Opportunity Zone, in a deal brokered by Interra Realty.
