CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $3.45 million sale of a nine-unit mixed-use property in Chicago’s Lakeview neighborhood.
Interra Senior Managing Partner Joe Smazal represented the local private seller. All residential units were occupied and the commercial space was vacant at the time of sale.
“There has been an uptick in deal velocity as we come up on the end of the year, particularly among local investors with a long-term-hold strategy,” said Smazal. “The strong demand for well-located, middle-market apartment and mixed-use buildings is evidenced by the fact that we placed this property under contract within two weeks of executing a listing agreement and closed 45 days thereafter.”
The primary building is located at 2852-56 N. Southport Ave., with an adjacent coach house at 1411 W. George St. The Southport property includes one one-bedroom unit, four two-bedroom units and one three-bedroom unit, while the coach house features one one-bedroom and one two-bedroom unit. An approximately 4,600-square-foot ground-floor retail unit offers exposure along both Southport and George, where an outdoor dining area or beer garden is located.
2852-56 N. Southport and 1411 W. George have access to multiple dining, shopping and entertainment options along Ashland, Southport and Lincoln avenues. The property is served by the CTA’s Wellington Brown Line station and multiple CTA bus routes.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com