Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Oak Lawn Development Site Sale Sets Per-Acre Pricing Record
Greenstone Partners brokered the off-market sale of a retail development site in Oak Lawn, IL. The transaction closed for $2.65 million or $57 per square foot, representing the highest land price per acre on record in Oak Lawn and Evergreen Park, and was brokered by Greenstone senior director Brewster Hague and investment associate AJ Patel.
“The site was comprised of a vacant restaurant, is situated on a 1.07-acre land parcel, and formally home to a Texas Corral,” said Hague. “The property is prominently located within one of the area’s top commercial corridors and sees nearly 50,000 vehicles per day.”
Located at 6616 West 95th St., the site is across the street from Chicago Ridge Mall. “The buyer saw the unique opportunity to acquire and demolish the restaurant to make way for a brand new, ground up retail development,” Patel said. He and Hague represented both seller and buyer.
- ◦Sale/Acquisition
