An investor is seeking to revitalize a vacant CVS store located in Chicago’s Logan Square. The 2.28-acre retail site, situated at 2053 N. Milwaukee Avenue, was recently sold for $10.5 million through the efforts of Interra Realty.
The property boasts high visibility due to its prime location near the intersection of Milwaukee, Western and Armitage avenues and currently features a vacant 25,473-square-foot retail building with approximately 125 parking spaces.
Interra Director Colin O’Malley expertly represented the seller – a local real estate owner and investor – in this transaction. According to O’Malley, “Rare opportunities like this one don’t come around often: large infill sites with ample parking in highly sought-after neighborhoods such as Logan Square.” He adds that significant interest from investors was generated as a result.
Apart from being close to popular shopping destinations, restaurants and nightlife spots,the site also offers easy access to transportation options such as the Western Blue Line station which is less than half-a-mile away.The buyer intends on redeveloping under existing zoning regulations thereby contributing towards revitalizing this prominent stretch of Milwaukee Avenue.
This sale marks yet another successful deal brokered by Interra Realty who continue their impressive track record within Chicago’s commercial real estate market.
