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CHICAGO—Interra Realty, a Chicago-based commercial real estate investment services firm, recently brokered the $13.7 million deconversion sale of 3264-70 N. Clark St., a mixed-use building in Chicago’s Lakeview neighborhood. The buyer, Chicago-based North Park Ventures, intends to convert the property’s 30 condominiums back into rentals and develop a new five-story, 22-unit apartment building on an adjacent surface lot. David Goss and Jon Morgan, co-founders and managing principals of Interra, together with Joe Smazal, managing partner, represented both sides in the transaction. The sale price equates to an average of $380,555 per unit, a market value that is much higher than other recent deconversions in the area as a result of the adjacent lot’s development potential, according to Morgan.
Read Article: GlobeSt.com