The three properties are near Anthropologie's location at 3532N. Southport Ave., in addition to Krista K, Trousseau, City Solesand Uncle Dan's. The area is surrounded by 800,000 residences andis served by both the Chicago Transit Authority's Brown Line trainroute and the Addison bus route. Additionally, the area has amplestreet parking, Oliff says. Oliff says he had lived in the area forabout 15 years and also owns property about a half a block awayfrom the recently acquired properties on Southport Avenue. "That iswhere the pedestrian traffic is and that is where the qualityretailers today are," he says.

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None of the three properties had been listed for sale. "Istarted actively pursuing (the properties) last August," he says.The three buildings were constructed in the 1920's and 1930's.Preferred Development plans to demolish the buildings sometime inAugust and hopes to start construction in the fall. The buildingsare expected to be ready for occupancy at the end of 2009. Askinglease rates will be similar to market rates for the area, which arecurrently between $40 per sf and $60 per sf, net, Oliff tellsGlobeSt.com.

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