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Chicago & Midwest  + North Side  + Apartments  | 

CBRE Closes Edgewater Deconversion Sale

CBRE recently completed the condominium deconversion sale of Shore Manor, a 90-unit condo property at 5858 N. Sheridan in the North Side’s Edgewater neighborhood. The $13.3-million sale to Becovic Management Group, LLC was CBRE’s second deconversion deal in the neighborhood in as many years, following the 2018 sale of nearby 5815 N. Sheridan.

Sam Haddadin and Justin Ross of CBRE represented the 5858 N. Sheridan Condo Association in the sale. The duo closed a deconversion deal in the North Side’s Lakeview neighborhood in February.

“The opportunity to help condo associations like Shore Manor continues to exist,” said Haddadin. “Older buildings facing capital projects present a great opportunity for condo owners to get well-above market value for their condos in a deconversion sale.”

Built in 1955 and converted to condos in 1977, the 12-story multifamily property offers a mix of studio and one-bedrooms, averaging 576 square feet per unit.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).