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Interra Closes Sale of Lincoln Square Portfolio

Interra Realty brokered the $9.5-million sale of 4621-25 N. Lincoln Ave., a 29-unit mixed-use building with 25 apartments and four ground-floor retail spaces, and 2243-51 W. Eastwood Ave., a 16-unit rental community, in the North Side’s Lincoln Square neighborhood.
Joe Smazal, senior managing partner for Interra Realty, represented both the seller, a venture of Rye, NY-based Pioneer Acquisitions LLC, and the buyer, a venture led by Jeff Weinberg, president of Drexel Properties in Chicago.
“Investors continue to target well-located multifamily and mixed-use assets on Chicago’s North Side, as evidenced by the multiple offers we secured on behalf of ownership,” said Smazal.

He continued, “This portfolio offered updated units and immediate economies of scale in one of Chicago’s most desired neighborhoods, where there’s historically low sale velocity and long average hold periods. The buyer also assumed the existing CMBS financing, which was mutually beneficial for both him and the seller.”

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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).

  • ◦Sale/Acquisition