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Clybourn Corridor Office, Retail Building Headed for Auction
North Avenue Collection located at 939 W. North Avenue in the Clybourn Corridor district is set to hit the auction block. The owner of North Avenue Collection has hired real estate services firm CBRE and auction house Ten-X to sell the property, reported Crain’s. CBRE’s Blake Johnson, David Knapp, Arthur Johnson and John Saletta are marketing the property.
The auction is scheduled for February 20-22, with an opening bid set at $5.5 million. Per the outlet, the property is expected to sell for around $20 million, a drastic cut from the $89 million Iowa-based Principal Financial Group paid for it in 2004.
The building’s retail section is largely vacant, with tenants renting out just 15 percent of the 95,000 square feet. The remaining 104,000 square feet is comprised of medical office and fitness space, which is currently occupied at 88 percent. The property listing also includes a parking structure with 350 spots.
