August 20, 2019
Cawley Chicago’s urban development team of Zach Pruitt and Nicholas Schaefer will represent ownership on the disposition of a three-building portfolio in Chicago’s Lakeview neighborhood. The site is located on a hard corner along heavily trafficked Addison Street, and totals 15,563 square feet of land.
The site is also less than 350 feet to the CTA Addison Brown Line station, giving this site the potential for transit-oriented development. “With favorable in-place zoning, strong demographics and the potential to take advantage of the city’s TOD parameters, 1744-1754 W. Addison St & 3609 N Ravenswood Ave. offers a development opportunity like no other in the Lakeview community,” said Pruitt.
The opportunity currently is cash-flow positive with retail, commercial and residential tenants on short-term leases, within the existing 11,285 square feet of commercial and residential space. The roster of existing tenants provides opportunity for a potential anchor within any future development project.
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