X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-North Shore Bank has joined its industry counterparts in the current wave of expansions in the market, but is building rather than leasing. The bank has paid $1.9 million for a former service station, car repair and green house site at 4343 W. Peterson Ave., where it will build an office.

Construction is expected to be completed this fall.

Although the property has been vacant for five years, it has changed hands three times, most recently in the deal brokered by Witherell Real Estate. It sold for $650,000 in 1998, according to property records, doubling in value less than four years later, selling for $1.484 million in 2001.

The deal could come up in discussions between the city and Imperial Realty Co., which has proposed a $35-million mixed-use project on a 3.3-acre site in the 6000 block of North Cicero Avenue, four blocks west. Earlier this year, the city took steps that could ultimately result in its acquiring the property by eminent domain. However, at $95 per sf, the site near the Edens Expressway would be worth $13.6 million.

The city’s own Retail Chicago notes that Forest Glen, where both properties are located, boasts the strongest demographics among 77 community areas.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.