Leased to 11 businesses including Gingiss Formal Wear and Sylvan Learning Systems, the property at 6937-51 W. North Ave. also includes five apartments.
AB Fund I Joint Venture paid $1.08 million to the seller, a Citibank beneficial land trust, to complete a 1031 Exchange.
Meanwhile, a former Earl Schieb Paint and Body Shop at 316-26 W. Madison St. sold recently for $500,000. The 17,800-sf site is now owned by Tricon Global Restaurants, Inc., which is redeveloping the property into a KFC/Pizza Hut Express.
"They're knocking down the building and starting from scratch," Dan Hiffman tells GlobeSt.com. His NAI Hiffman brokerage represents Earl Schieb, which has a portfolio of properties in the west suburbs.
HSA Commercial Real Estate vice president Michael Havdala represented Tricon Global Restaurants.
Dan Stratis of Inland Real Estate Sales, Inc's Oak Brook, IL office was sole broker in the North Avenue deal. "The apartments have spacious floor plans, hardwood floors, and are located in an attractive tree-lined neighborhood, near historic Downtown Oak Park, transportation, schools, and entertainment," Stratis says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
