The North Avenue Collection, situated at 939 W. North Avenue in the Clybourn Corridor district, is up for auction. According to a report by Crain’s, the property owner has enlisted real estate services firm CBRE and auction house Ten-X to facilitate the sale of this prime location.
CBRE’s team of Blake Johnson, David Knapp, Arthur Johnson and John Saletta are spearheading the marketing efforts for this highly sought-after property. The auction is scheduled for February 20-22 with an opening bid set at $5.5 million.
It is estimated that the property will sell for approximately $20 million – a significant decrease from its purchase price of $89 million back in 2004 by Iowa-based Principal Financial Group.
Currently occupying just 15 percent of its total area (95,000 square feet), most retail spaces within the building are vacant while medical offices and fitness facilities make up majority (88 percent) of its remaining space totaling to about 104,000 square feet. Additionally included in this listing is a parking structure with capacity for up to 350 vehicles.
This upcoming auction presents an excellent opportunity to acquire prime office and retail space within one of Chicago’s most desirable districts – without mentioning “Connect” or “Connect CRE” or “Connect LA”.
