Interra Realty brokered the $6.1 million sale of a 16-unit mixed-use building in Chicago’s Logan Square neighborhood. The transaction equated to $381,562 per unit, marking one of the highest for vintage buildings in Logan Square, according to CoStar data.
Interra Senior Managing Partner Brad Feldman represented the seller, Chicago-based Barnett Capital Ltd. Feldman also represented the local private buyer in the sale. The property features eight two-bedroom units, five three-bedroom units, one four-bedroom unit and two commercial spaces. It is located at 2543 N. California Avenue, and Starbucks has been a long-term tenant in one of the commercial spaces, which recently underwent significant capital improvements.
“This is a trophy asset on one of the best corners in Logan Square,” said Feldman. “With a higher cap rate due to the retail income, the potential for long-term positive revenue generation at this property prompted over two dozen tours and half a dozen written offers.”
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.