May 27, 2020 Comments Off on CBRE Closes Edgewater Deconversion Sale Views: 552 Chicago News, North Side

CBRE Closes Edgewater Deconversion Sale

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CBRE recently completed the condominium deconversion sale of Shore Manor, a 90-unit condo property at 5858 N. Sheridan in the North Side’s Edgewater neighborhood. The $13.3-million sale to Becovic Management Group, LLC was CBRE’s second deconversion deal in the neighborhood in as many years, following the 2018 sale of nearby 5815 N. Sheridan.

Sam Haddadin and Justin Ross of CBRE represented the 5858 N. Sheridan Condo Association in the sale. The duo closed a deconversion deal in the North Side’s Lakeview neighborhood in February.

“The opportunity to help condo associations like Shore Manor continues to exist,” said Haddadin. “Older buildings facing capital projects present a great opportunity for condo owners to get well-above market value for their condos in a deconversion sale.”

Built in 1955 and converted to condos in 1977, the 12-story multifamily property offers a mix of studio and one-bedrooms, averaging 576 square feet per unit.

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