CHICAGO, ILLINOIS – Wednesday, August 23, 2017
ACO Commercial is pleased to announce the sale of 1464 W. Webster Street located in Chicago’s Lincoln Park neighborhood, just west of the Clybourn retail corridor. The property consisted of a 10,997 SF land site improved with a two-story commercial building of 14,100 SF, formerly a leather tannery. At the time of sale, the property was zoned limited manufacturing (M1-2), and required extensive capital improvement.
George Toscas, Managing Broker, and Edward Bluemel, VP, completed the transaction on behalf of long-term family owners, generating 26 tours and multiple offers from a diverse group of investors, developers, and users. The transaction marks the first time the property was sold in over 50 years.
The deal was awarded to a user who has plans to redevelop and relocate corporate offices within the building. The sale represented a price of $2,346,000 ($166.38/SF).
ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.