Off-Market Deal Highlights Continued Interest In Logan Square
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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.