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Interra Closes $9M Sale of Hyde Park Mixed-Use
Interra Realty has brokered the sale of a mixed-use building at 5300 S. Blackstone Ave. featuring 24 apartments as well as two ground-floor commercial spaces. The property sold for $9.025 million, equating to $347,115 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the buyer, Estia Properties, a Chicago-based real estate investment and management company. Smazal and Dykstra also represented the confidential seller, an East Coast-based investment group.
“Estia Properties was attracted by the prospect of creating value with this asset through operational efficiencies,” said Smazal. Originally constructed in 1907, the property includes one one-bedroom, 11 two-bedroom and 12 three-bedroom layouts.
The building’s corner retail space is leased to Philz Coffee. A local property management company occupies the other commercial space. Located on the busy 53rd Street retail corridor, the property is within walking distance of the University of Chicago, the Museum of Science and Industry, and the Lake Michigan shoreline.
