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The owners of the Marcello's restaurant chain are looking to sell one of their prime real estate assets in Old Town. The company retained CBRE to court bidders as a prime redevelopment opportunity in a neighborhood with increasing development activity.
Marcello's hopes to reinvest the proceeds from a sale of Father & Son Plaza at North Avenue and Larrabee Street into renovations of its Milwaukee Avenue center in red-hot Logan Square. With the number of projects under construction in Old Town, as well as the asset's location near Structured Development's NewCity and retail along North, Halsted and Clybourn, ownership believes bids could top $30M, according to Crain's.
Potential buyers could seek zoning changes to add up to 300 apartments. Several tenants calling the shopping center home are nearing the ends of their leases, which means a buyer can renovate the storefronts and lease them at market rates. [Crain's]
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