Land Sale for Regional Bank
Middle Market Investment Team Sells Second West Town Site in 12 Months
Podolsky|Circle CORFAC International Principals John R. Homsher, CCIM and Alissa Adler have represented a regional bank in the sale of a 22,804 sq. ft. commercial land site on Chicago’s north side. This is the second commercial land sale Podolsky|Circle’s Middle Market Investment Team has handled along Devon Avenue in the city’s West Town neighborhood in the past 12 months.
Both transactions resulted in sale prices of over $65 per sq. ft.
Located at 2201 W. Devon Avenue, the 22,804 sq. ft. site currently has an obsolete 12,000 sq. ft. retail building. The buyer, a private investor, will demolish the building and use the site for parking with plans to eventually redevelop it.
Homsher, who previously sold a 28,744 sq. ft. land site located down the street at 1801-1809 W. Devon on behalf of another regional bank, stated, “While the volume of distressed and bank-owned properties on the market has decreased in the past year, these types of assets are still valuable. An experienced broker will be able to identify multiple buyers for these redevelopment opportunities.”