S.B. Friedman & Co. notes that while office vacancy in the14-million-sf O'Hare submarket is 23.6%, the retail and residentialmarkets near Executive Office Plaza, between Touhy Avenue andNorthwest Highway, remain strong. The Lakota Group presented aseries of redevelopment scenarios, including one with a 30,000-sfbuilding anchored by retailers such as Crate & Barrel or TraderJoe's.

However, Chicago-based S.B. Friedman & Co. cautionspotential retail developers to consider the 82,000 sf of commercialspace expected to be added in the nearby Uptown Park Ridgeredevelopment project farther west, which also is adding more than75 multifamily units. All 51 loft units in the project were sold ina single day, according to S.B. Friedman & Co.'s report.

The properties already have drawn interest. The American FarmBureau building at 225 E. Touhy Ave. was sold last year for nearly$5 million--$65 per sf--to Park Ridge 2004 LLC, which got a$7.4-million mortgage from Parkway Bank & Trust Co., accordingto the Cook County Recorder of Deeds office. Park Ridge 2004 alsoacquired 1 S. Washington Ave. early this year for nearly $2.2million, according to property records, getting a $3.4-millionmortgage. A long-term owner, George S. May International Co.,refinanced its 303 and 315 S. Northwest Highway buildings for $3million this year. K&F Management, which paid more than $1.1million for 111 S. Washington Ave. in 2003, mortgaged the propertylast year for more than $1.5 million, according to propertyrecords.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.