Off-Market Deal Highlights Continued Interest In Logan Square
Investor interest in Logan Square real estate continues to expand beyond the Milwaukee Avenue Corridor. Sellers have taken notice and are seeking buyers for well-placed assets near the neighborhood's core.
Essex Realty's Jim Darrow, Jordan Gottlieb and Jordan Multack closed a $5M deal this week for a two-building, mixed-use property at 2755-57 West Logan Blvd., and 2535-43 North California Ave. The seller, a family investor, owned the property since the 1990s and sold the buildings in an off-market deal.
Darrow and Multack said the seller did not want to put the building on the market and wanted to get a deal completed ASAP. The buyer is getting a well-located asset on one of a handful of "Main on Main" intersections in Logan Square. The assets include 14 apartments and two retail storefronts leased to a Starbucks Coffee and Buona Terra restaurant. Both retailers are signed to long-term leases. Darrow said the apartment rents are below-market. The buyer will renovate the units and seek market rents.