CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it arranged the $2.48 million sale of the Chicago Defender Building, a landmarked mixed-use property at 3433-35 S. Indiana Ave., in a historic section of Chicago’s Bronzeville neighborhood known as the Gap.
Built in 1899 and designed by Henry Newhouse, the property served as a Jewish synagogue before housing the Chicago Defender newspaper from 1920 to 1960. It is one of nine buildings in Chicago’s Black Metropolis-Bronzeville District, which was designated a Chicago Landmark in 1998. The building was renovated in 2016 to have one ground-floor commercial space, currently occupied by a medical supply company, as well as eight apartments.
Interra Senior Managing Partner Joe Smazal represented both the seller, TRB Properties One LLC, a venture led by Tom Boney, as well as the undisclosed buyer. Smazal created a competitive environment through proactive marketing efforts and was able to attract multiple written offers and negotiate a market-leading price per unit of $275,556.
“We’re seeing continued enthusiasm for property in and around Bronzeville, with a lot of private investment and a couple of large planned developments,” said Smazal. “3433-35 S. Indiana is a unique use of a landmarked property located near the Illinois College of Optometry and Illinois Institute of Technology, with easy access to downtown. We expect to see continued interest in this submarket as investors pursue stabilized assets.”
3433-35 S. Indiana includes three three-bedroom units and five four-bedrooms, which feature in-unit laundry and individual HVAC.
The property is located near multiple CTA bus routes, including the No. 29 State Street and the No. 4 Cottage Grove buses, as well as the 35th-Bronzeville-IIT Green Line and Sox-35th Red Line stations. It also is easily accessible to Lake Shore Drive and the Dan Ryan and Stevenson expressways.