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FLATS Developer Buys Two Properties Near Lawrence Red Line For $2.7 Million

By Mina Bloom | July 1, 2015 6:44pm | Updated on July 2, 2015 11:59am
 Cedar Street Co. bought 1101 W. Lawrence Ave. for $1.3 million.
Cedar Street Co. bought 1101 W. Lawrence Ave. for $1.3 million.
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Courtesy/Sperry Van Ness

UPTOWN — Developer Cedar Street Co. has snatched up two more properties in Uptown right next to the Lawrence Red Line stop.

Cedar Street Co., the brand behind FLATS Chicago, bought the 10,000-square-foot building at 1101 W. Lawrence Avenue that houses a Chase Bank for $1.3 million, as well as the 19,300-square-foot parking lot at 4750 N. Winthrop Avenue for $1.4 million, according to a press release from real estate company Sperry Van Ness late Wednesday.

Both properties are adjacent to the Lawrence Red Line station. 

Tim Rasmussen, who brokered the deal and works as a real estate adviser at Sperry Van Ness, said the scale of Cedar Street's investment in Uptown and Edgewater is growing at a fast pace.

Cedar Street continues to buy property after property in the neighborhoods, he said, like the former Combined Insurance building at 5050 N. Broadway. The development company also owns the historic Wilson Avenue Theater building at 1050 W. Wilson Ave. and the FLATS building at 1325 W. Wilson Ave., among many others.

"So much of this activity is a direct result of the great transportation infrastructure in Edgewater and Uptown," said Rasmussen, who also co-owns local restaurants Anteprima, Acre and Ombra.

Rasmussen said his guess is Cedar Street will renovate the ground floor of at least one of the buildings, but he did not know if the prolific developer has any specific tenants in mind.

Cedar Street Co. could not be immediately reached for comment.

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