WICKER PARK — A local investor has snapped up three commercial storefronts totaling over 10,000 square feet in a large condo building just north of Wicker Park's main hub.
Orchestrated by Baum Realty Group brokers Greg Dietz and Danny Spitz, the $3.7 million sale of the ground-level storefronts in 1669-81 N. Milwaukee Ave to an affiliate of Roscoe Village-based SNS Realty was first reported by Crain's.
The commercial condominiums, totaling 10,451 square feet, are divided into three suites rented by the Children's Learning Place, which takes up two spots, and Hair Cuttery.
"Both tenants have long-term leases with options. They are staying," Dietz said on Tuesday.
Dietz described the properties as "a stable retail asset" in the Bucktown and Wicker Park neighborhoods, which he said are "viewed as established, yet having upside potential."
The proximity to public transit options, including the nearby CTA Damen Blue Line station as well as the CTA No. 56 Milwaukee Avenue bus brought an "immense amount of interest from both local and national investors," Dietz said.
The building's commercial units were previously owned by Sedgwick Investments' Elizabeth "Lizzie" Kaplan, who bought the parcels for $2.7 million in 2010, according to reports.
Michael Schwartz, principal at SNS Realty Group and leader of the venture that bought the 1669-81 N. Milwaukee Avenue retail properties, told Crain's, “We think that area is poised for a fair amount of growth in the foreseeable future."
Twenty condominiums occupy the floors above the retail spaces and were not included in the transaction.
Elsewhere in Wicker Park, Baum Realty has recently represented several other sellers, aiding with the sale of an 1890s-era 18,450 square foot mixed-use building at 1422- 26 N. Milwaukee Ave. for $4.2 million in March; a mixed-use property at 1308-10 N. Milwaukee Ave. for $2.4 million last February; a former furniture mart at 1348-52 N. Milwaukee Ave. for $3.75 million in August; and a former manufacturing building at 1612 W. North Ave. for $6.1 million, also last August.
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