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R2 Cos. is expanding its interests beyond Goose Island and the West Loop. The firm acquired a 25K SF building at 855 West Belmont Ave. in Lakeview for $5.2M, according to Cook County records.
The three-story building is home to an Army-Navy surplus store and is in the heart of one of the most densely populated areas on the North Side. It is a half-block east of the Belmont Avenue Red/Brown/Purple Line 'L' station, a half-block west of a new Target store at Belmont and Clark and a half-mile south of Wrigley Field.
The changing retail landscape in the area means this building is an enticing adaptive reuse play, and R2 Director of Capital Markets Zack Cupkovic said the company will renovate the entire building into a mix of retail and loft office.
R2 has another covered land play near Wrigley Field. The firm acquired the WGN-TV studios in North Center in February 2016, in a $22.5M sale-leaseback with partner Polsky Holdings. R2 Managing Principal Matt Garrison said that site will eventually be redeveloped and that it would be ideal for residential, retail or Class-A industrial.
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