Interra Arranges Deal for Lakeview Mixed-Use with Value-Add Potential
Interra Realty brokered the $10-million sale of 1650 W. Roscoe St., a circa-1930 mixed-use building with 54 apartments and four street-level retail spaces totaling 31,500 square feet in Lakeview on Chicago’s North Side. The price per unit was $169,492.
Managing partner Craig Martin represented both the undisclosed buyer and the seller, Buol Properties. Buol, which had owned and operated the property for four decades, undertook significant capital improvements during that time. However, the property offered considerable value-add opportunity for new ownership.
“This vintage, transit-oriented property in Lakeview, one of Chicago’s most popular rental communities, offered plenty of upside potential, which was attractive to the pool of prospective buyers,” said Martin. “After we ran a competitive marketing campaign, we had over 30 property tours and secured eight offers, with the seller ultimately selecting the buyer it thought would best steward the property.”
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).