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CBRE Arranges Sale of Rezoned Wrigleyville Development Site
CBRE arranged the recent sale of a 28,150-square-foot redevelopment site in Chicago’s Wrigleyville submarket for $6.25 million.
A joint venture between SNS Realty Group and North Park Ventures acquired the property at 3233-47 N. Sheffield Ave. and subsequently secured a zoning change, clearing the way for a five-story, wood-frame apartment building with 99 units. CBRE’s Tom Svoboda and John Jaeger represented the seller in the transaction.
“Sites this size with a clear path to increased density are rare in Lakeview and Wrigleyville, and that scarcity, coupled with Chicago’s strong multifamily fundamentals, is what drove the level of competition we saw,” said Svoboda. “The location is also exceptional, being walkable to Wrigley, a stone’s throw to the Belmont CTA stop, and surrounded by bars and restaurants up and down Sheffield Ave.”
The site was previously home to Torstenson Glass Company, a family-owned manufacturer. The property sits in the Wrigleyville submarket of Lakeview, near Wrigley Field and the CTA’s Belmont station.
