The three buildings have a total of 44,310 sf of retail spaceand 28 apartment units. The apartment units are fully leased andthe retail space is 93% occupied. Two of the properties – 2200Clark St. and 801 Diversey St. – are in Chicago's Lincoln Parkneighborhood. The tenants at the 17,514 sf retail building at 801W. Diversey include Dunkin' Donuts, Back to Bed and PerformanceBicycle Shop. The building is approximately 20 years old and has 32parking spaces. Tenants at the 16,127-sf retail building at 4071Milwaukee St. include Dollar Tree, Subway and Athletico, Roth tellsGlobeSt.com. The retail building on Milwaukee Street wasconstructed about 14 years ago, he says.

|

The property at 2200 Clark St. has 28 apartment units inaddition to 10,669 sf of retail space, Roth says. The retailtenants are mostly locally-owned shops, such as a dance studio,Japanese restaurant and frozen dessert retailer, Roth tellsGlobeSt.com. The building was constructed in the 1890's or early1900's, Roth says.

|

Roth and Steve Kundert, another Cohen VP, secured the financing.The term of the acquisition financing is five years. The fixed ratenon-recourse loan has a 30-year amortization schedule priced on thefive-year US Treasury. The lender was a national life insurancecompany, which was not disclosed. The properties "representdifferent distinct submarkets within Chicago," with the LincolnPark South, Lincoln Park North/Lakeview and Six Corners submarkets,Roth says. The portfolio "provides a diversity of asset locationswhile still having solid retail locations within the city and highoccupancy," he says.

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
NOT FOR REPRINT

© 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.