Family Trust Sells Lakeview Portfolio for Transit-Oriented Development
Cawley Chicago completed the sale of a portfolio of three adjacent properties at 1744-1754 W. Addison St. in the North Side’s Lakeview neighborhood. Deal terms weren’t disclosed.
Given its hard corner presence and proximity of less than 350′ from the Addison CTA Station, Cawley Chicago positioned the offering as a Transit-Oriented Designation (TOD) redevelopment opportunity, qualifying for the maximum threshold of benefits available within the TOD Ordinance. The buyers, a collaboration of Stocking-Urban & Macon Construction, rezoned the property to make way for their plans of a new five-story TOD development.
Managing principal Zach Pruitt and VP Nicholas Schaefer represented the seller, a family trust. “Our team is proud to have found a collaborative development team, who will ultimately bring to fruition the vision of what this family hoped to become of a property they have owned, worked and lived at for multiple generations,” said Pruitt.
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 GlobeSt.com 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).