ConnectCRE: Interra Realty Brokers Sale of Pilsen Mixed-Use Trio
CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, has brokered the $4.18-million sale of a three-building, 33-unit mixed-use portfolio in the Pilsen neighborhood on Chicago’s West Side. Director Jeremy Morton represented both the private buyer and seller in the sale.
The three properties – 1924 S. Throop St., 2301-2303 S. Oakley Ave. and 2300 W. 23rd St. – have undergone some recent capital improvements, yet still offer the new owner value-add potential. In particular, 1924 S. Throop, located two blocks from the historic music venue Thalia Hall, is 43% vacant.
“Turnkey, stabilized buildings may offer ease of management, but we are seeing a lot of interest in value-add properties with significant potential for increased revenue,” said Morton. “We marketed these properties for four weeks, eliciting over two dozen property tours and eight competitive bids, which shows just how in demand these types of assets are.”
Read the complete article at ConnectCRE.
See additional articles on this transaction:
Chicago Business Journal: Mixed-use Portfolio in Pilsen Sells for $4 Million