WEST TOWN — Three one-story vintage buildings along a stretch of Chicago Avenue just east of Ashland Avenue were sold for $1.38 million to a local real estate development partnership, it was announced Tuesday.
Located at 1542-1550 W. Chicago Ave., the buildings are occupied by a T-mobile store and the Manee Thai restaurant. The third building, a former acupuncture clinic, is vacant.
Abe Eilian and Brian Karmowski, brokers from Essex Realty Group, Inc. which specializes in the sale of investment real estate throughout the Chicago metropolitan area, helped to arrange the sale on behalf of the owner and buyers.
"The property is a great candidate for both luxury rentals and luxury condominiums," Karmowski said in a news release that announced the sale.
Karmowski, who brought in the buyers but declined to name them, said he is unsure what they will do with the buildings.
"They are still weighing their options and working with an architect to see what is feasible," Karmowski said.
The buildings, which offer three ground-floor commercial shops totaling 6,108 square feet and 12 parking spaces in the back, went up for sale in early December and were under contract before the new year.
The deal was recorded in county records on June 6. The buyers were only identified as "1542-1550 W. Chgo Ave LLC," which is a business entity that's headed by Peerless Development's Michael Cordero and Honore Properties' Michael Shenouda.
Cordero and Shenouda were not immediately available to comment on their new acquisition.
The three buildings were previously owned by a company called Charleston Properties, headed by William A Bettiga, according to tax records.
Karmowski said if the buildings are converted to mixed-use residential and retail developments, it would meet a growing demand for new residences in Wicker Park, East Village and the greater West Town area.
"There is a ton of interest for not only apartments but condos, too. Millennials prefer the area for the character over Lincoln Park. It's still relatively cheaper but it's quickly changing," Karmowski said.
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