ACO Arranges Sale of FDIC Held Retail Strip Center

CHICAGO, ILLINOIS – Tuesday, April 7, 2015

ACO Commercial is pleased to announce the sale of 9500 S. Halsted Street, a multi-tenant retail strip center located in Chicago, Illinois.  The property was built in 1972 and is situated on the corner of 95th and Halsted Streets.

George J. Toscas, Executive Vice President, arranged the transaction.  At the time of sale, the property was 100% occupied by a mix of local tenants.  ACO identified a purchaser for the property who closed the transaction on an all-cash, as-is basis within 30 days of contract execution.  The sale price was approximately $170 per square foot.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Arranges Sale of South Suburban Office Complex to All-Cash Buyer

CHICAGO, ILLINOIS – Friday, February 20, 2015

ACO Commercial is pleased to announce the sale of 930 & 950 W. 175th St., a 30,000 SF office complex located in south suburban Homewood, IL.  The property consists of two 15,000 SF buildings situated on a 1.77-acre land parcel.

ACO Commercial arranged the lender-directed transaction.   At the time of sale, the property was 70% occupied by a mix of local and regional tenants.  ACO quickly identified a user for the receivership property, who closed the transaction on an all-cash, as-is basis within 35 days of contract execution, saving the both the lender and receiver thousands in foreclosure costs.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Commercial Arranges Sale of Lincoln Avenue Retail Property to All-Cash Buyer

CHICAGO, ILLINOIS – Thursday, February 12, 2015

ACO Commercial is pleased to announce the sale of 5767-5775 N. Lincoln Avenue in Chicago’s West Ridge Neighborhood.  The property consists of 5,545 SF of single-story retail on a 6,400 SF land parcel.

George J. Toscas, Executive Vice President arranged the sale of the site on behalf of a West Coast private equity firm.   At the time of sale, the property was vacant, with significant deferred maintenance.  ACO identified a user for the property, who closed the transaction on an all-cash, as-is basis.  The sale represented a price per foot of $54.10.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Commercial Arranges Sale of Portage Park Commercial Condominiums

CHICAGO, ILLINOIS – Monday, January 26, 2015

ACO Commercial is pleased to announce the sale of 5120 & 5122 W. Irving Park Road in Chicago’s Portage Park neighborhood.  The property consists of two contiguous commercial condominiums within a vintage 16 unit condominium property.

George J. Toscas, Executive Vice President arranged the sale of the site on behalf of a west coast private equity firm.  At the time of sale, one unit was leased and the other vacant.  ACO identified a dentist user for the vacant space, who closed on both.  The all-cash sale represented a price per foot of $84.14.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Commercial Sells Fractured Elmwood Park Conversion for 102.3% of Ask

Chicago, Illinois – Monday, October 6, 2014

ACO commercial is pleased to announce the sale of 29 of 40 condominium units in Elmwood Park, Illinois.  The sale was comprised of 23 1-Bedroom and 6 Studio units, contained in a five-story elevator building. Constructed in 1972, the property was redeveloped in 2006 as a transit-oriented condominium conversion.

George J. Toscas, Executive Vice President arranged the sale on behalf of a regional bank.  The sale represented a price of approximately $52,931 per unit, and a capitalization rate of 5.8%.  The purchase price was 102.3% of ask, and the closing took place within 90 days of the marketing launch.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Commercial Sells Lincoln Square 7 Unit

Chicago, Illinois – Thursday, August 21, 2014

ACO Commercial is pleased to announce the sale of 5454 N. Campbell Avenue in Chicago’s Lincoln Square neighborhood.   The vintage property is comprised of four (4) one–bedroom and three (3) two-bedroom apartments.  Two of the units were recently rehabbed to include refinished hardwood floors and updated kitchen counters and cabinets.

S. Justin Brown, Esq., First Vice President, arranged the sale of the property.  The sale represented a price of approximately $105,000 per unit, and a capitalization rate of 6.95%.  The purchase price was 97.3% of the asking price, and the sale resulted in a gain of around $100,000 for the investor, who purchased the property approximately 6 months earlier.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

Wicker Park Condos Pay Off for Investor

Printed from ChicagoRealEstateDaily.com
July 25, 2014

Wicker Park Condos Pay Off for Investor

By: David Lee Matthews

A busted eight-unit condominium project in Wicker Park has sold for $425,000 per unit, delivering a nice payday for the investor that put the property back together.

A venture led by Chicago-based Blackhawk Investment Group, LLC paid $3.4 million earlier this month for the property at 1449 N. Wicker Park Ave., Blackhawk Managing Principal Drew Breneman confirmed.

The venture bought the building from an affiliate of Chicago-based Wicker Park Capital Management LLC and two individuals who bought condos in the building. A venture led by fallen developer Krzyzstof Karbowski built the project in 2004, but only two units sold.

Cook County property records show the Wicker Park Capital Management venture paid $1.59 million, or $265,000 per unit, for the six unsold condos in a 2012 bankruptcy sale. Instead of testing the condo market, Wicker Park Capital Management rode the wave of rising apartment rents across Chicago, eventually raising monthly rates at the 1,600-square-foot, three-bedroom units to $3,250 from $2,150 in 2012.

The investor also reached an agreement with the two pre-crash buyers to sell the property in whole for a certain price, Wicker Park Capital Management Principal Blake Berg said.

The sale price earlier this month – $425,000 per unit – is more than either buyer paid for their condo in 2004, said ACO Commercial Executive Vice President George Toscas, who brokered the sale. “There really were not any improvements done.” Mr. Berg said.

“We had really executed the business plan, which was largely predicated on positioning the building to benefit from the rising tide of rents in Wicker Park.” Mr. Breneman believes he could push rents another 15 percent to 20 percent immediately, given the market and the property’s location a few blocks from the bustling Six Corners intersection of Damen, Milwaukee, and North Avenues.

Each unit also has a view of triangular Wicker Park.

Should Blackhawk succeed in raising rents, the property would generate a capitalization rate, or first-year return, of 7 percent, he said. “Similar condos with three bedrooms of this size regularly sell for $500,000-plus,” said Mr. Breneman, whose firm also bought a failed 16-unit Karbowski project last year at 2147 and 2151 W. Evergreen Ave.

“So we’re in at a really attractive basis, should we ever decide to exit the deal by selling off the units individually.” That sounds like a good plan to Noah Gottlieb, a senior managing director of New York-based Property Markets Group Inc., which is building 135 apartment projects in Logan Square.

It’s difficult finding and entitling land sites for large apartment projects in the neighborhoods, Mr. Gottlieb said, driving up prices and rents for well-located existing assets. “It’s real difficult to meet market demand in the neighborhoods,” he said.

ACO Commercial Sells Wicker Park Property for Record $425,000 per unit

ACO Commercial Announces

CHICAGO, ILLINOIS – Wednesday, July 14, 2014,  ACO Commercial is pleased to announce the sale of 1449 N. Wicker Park Avenue in Chicago’s Wicker Park neighborhood.  The property was built in 2004 and is comprised of eight (8) three (3) bedroom apartments.

George  J.  Toscas, Executive  Vice  President, arranged the sale, which  is  one of the highest  prices  recorded for a walk-up multifamily  asset in the Chicago market to date. The sale represented  a price  of $425,000  per unit.  Toscas had previously sold 6  of  the 8 units in a  Section 363  Bankruptcy Sale.  All  owners in  the property recognized the opportunity to exit the property collectively.  Therefore, a marketing campaign was developed to  sell the asset as a whole.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

ACO Commercial Sells Edgewater 12 Unit for Asking Price of $1.39 Million

 

ACO Commercial Announces

CHICAGO, ILLINOIS – Wednesday, June 25, 2014 – ACO Commercial, is pleased to announce the sale of 1284 – 1286 W. Early Avenue in Chicago’s Edgewater neighborhood.  The property was built in 1932 and is comprised of three (3) two-bedroom and nine (9) one-bedroom apartments.

George J. Toscas, Executive Vice President, arranged the sale of the property on behalf of a family trust.  The sale represented a price of approximately $116,000 per unit, and a capitalization rate of 5.6%.  The purchase price was 99.6% of the asking price.

ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.

 

ACO Commercial Sells Fractured Condo Conversion in Lake County for $5.37 Million

ACO Commercial Announces

CHICAGO, ILLINOIS – Friday, June 20, 2014 — ACO Commercial is pleased to announce the sale of 89 of 180 condominium units within the Willows of Grayslake condominium property in unincorporated Wildwood, Illinois.

The 89 units were comprised of 63 2-Bedroom and 26 1-Bedroom units contained in eight buildings constructed between 1968 and 1986.  As a condominium conversion, the Willows of Grayslake was structured with an umbrella master association, and nine separate ownership associations.

George J. Toscas, Executive Vice President and S. Justin Brown, Esq., First Vice President, arranged the sale of the units on behalf of a regional bank.  The sale represented a price of approximately $61,000 per unit, a premium to individual unit sales within the complex.

ACO Commercial specials in the sale of commercial and investment real estate throughout the Midwest.

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