In The News | Interra Realty Brokers $4.3M Sale of Historic Funeral Home in Chicago’s Lincoln Park for Redevelopment
Buyer expects to renovate shuttered property and develop new building on adjacent parking lot
CHICAGO — Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $4.3 million sale of 2501-11 N. Southport Ave., a three-story mixed-use building and adjacent parking lot located in Chicago’s Lincoln Park neighborhood. Interra Director Colin O’Malley and Jon Morgan, Interra co-founder and managing principal, represented both the buyer, a Chicago-based private investor, and the longtime owner of the property.
“Family-owned funeral homes across the city continue to close their doors, creating infill opportunities for investors while allowing existing owners, many of whom have held onto their properties for decades, to capitalize on rising values,” said O’Malley. “Recognizing the potential of this site, we were able to arrange a sale that was a win-win for buyer and seller.”
The 10,000-square-foot limestone-fronted building previously housed the Ewald-Barlock Funeral Home, a family-owned business established in 1900 that operated out of the building until it closed last year. The property is located in a vibrant, historically significant area at the intersection of Southport and Altgeld streets — just a short walk from DePaul University.
In addition to renovating the interior of the former funeral home, the buyer plans to develop the adjacent 9,300-square-foot parking lot, which offers approximately 75 feet of frontage along Southport.
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