March 26, 2020 Comments (0) Views: 546 Chicago News, North Side

Lakeview Retail Sells for Current Income or Redevelopment

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Colliers International | Chicago EVP Peter Block represented Zimmerman Family Trust in its sale of 3101 N. Clark St., a 23,000-square-foot site located in the North Side’s Lakeview neighborhood, to Newcastle Properties. The property sold for $6.6 million.

3101 N. Clark is currently a one-story, four-tenant commercial retail building anchored by CVS Pharmacy. The tenant roster also includes two restaurants.

The property is located in one of the most high-profile retail corridors in Chicago, at the corner of North Clark Street, Halsted Street and Barry Avenue. It also offers key visibility points and convenient access via car, transit and foot.

“With such a dynamic location there is significant upside to this property,” said Block. “The current income provides the buyer of this asset the opportunity to explore an upscale retail development or a development focused on a multi-story residential building with a retail base.”

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