Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

CHICAGO-Local condominium developer Brycor Inc. has acquired a redevelopment site in the Wrigleyville area for nearly $2 million. The 6,000-sf parcel at 3608 N. Southport Ave. sold for about $329 per sf.

The seller was a family partnership, which also operated Lindstedt Plumbing at the location. Terry Yormark, with Arlington Heights-based Sperry Van Ness, represented both the seller and buyer.

The property is near the intersection of Addison Street and Southport Avenue and has good visibility, Yormark says. The plumbing business was not in need of a location with a lot of drive-by traffic and used some of the proceeds from the sale to open up the business at a different location in Chicago, Yormark says. There are four separate structures on the property with including a small 325-sf building 3612 N. Southport Ave. where a children’s boutique had been located, Yormark says. There are some apartment units above 3608 N. Southport and in a three-story building behind it in addition to a garage. The buildings were constructed approximately 60 to 70 years ago, he says.

Yormark says that the price paid for the redevelopment site is “eye popping” but adds the site is well-suited for a development because of the “frontage on Southport and vicinity to Wrigley.” Any development in the area that includes with some retail has been successful, he says. The site is also larger than most city sites which would be appealing to developers, he says. The property is zoned for condominiums with retail on the first floor, Yormark says. There had been speculation that a condominium development might be constructed soon on the site but Brian O’Malley, with Brycor, said that there are no immediate plans for tearing down the buildings. O’Malley says he plans to lease up the approximate 900 sf of retail space in the buildings.

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?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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.