CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $5.88 million sale of 6642-6652 N. Clark St., a 42-unit mixed-use building in Chicago’s Rogers Park neighborhood, and an adjacent parking lot at 6654 N. Clark St.
Interra Senior Managing Partner Brad Feldman represented the buyer, Imran Khan. Feldman also represented the seller, George Triff. The building, including residential and ground-floor retail space, was fully occupied at the time of sale.
“Portfolio deals remain one of the most efficient ways for multifamily investors to scale and optimize returns,” said Feldman. “In this case, we connected a long-term owner ready to exit their portfolio with a buyer actively looking to grow in the market.”
6642-6652 N. Clark features six studio, 28 one-bedroom and two two-bedroom apartments, as well as six retail units. Constructed in 1928, the three-story walk-up presents a value-add opportunity for the buyer, who plans to renovate units, upgrade building systems and reconfigure some apartments to add bedrooms.
The sale of 6642-6652 N. Clark is the latest in a series of transactions in the submarket over the past six months. In May, Interra Senior Managing Partners Partick Kennelly and Joe Smazal brokered the $9.625 million sale of 6930 N. Greenview Ave. In March, Feldman facilitated the $16.1 million sale of a three-building, 115-unit portfolio along Damen Avenue. Feldman also sold 6405 N. Wayne Ave. for $3.45 million.
“Though we’re not even halfway through the year, Interra has already closed over half a dozen properties in Rogers Park for consideration of over $35 million,” said Feldman. “This activity demonstrates buyers’ continued interest and the value they see in the submarket.”
Located along the Clark Street retail corridor, 6642-6652 N. Clark is close to multiple dining, shopping and entertainment options and is less than a mile from Loyola University Chicago and Loyola Beach. The area is served by the CTA’s Red Line, Metra's Union Pacific North Line 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