WICKER PARK —A century-old building that was the longtime home of Continental Furniture is under contract with a New York City investor, according to brokers with Baum Realty Group, which put the Wicker Park property up for sale this summer.
Greg Dietz — one of three managing directors with Baum who is handling the impending sale, which includes a vintage water tower that could be ideal for a sign overlooking Milwaukee Avenue — declined to share the name of the investor, but said that the buyer owns other buildings in Chicago.
The contract with the investor prohibits other buyers from trying to acquire the building, Dietz said.
The family-owned Continental Furniture, which closed in early 2015 after 63 years in business, is at 1421-27 N. Milwaukee Ave.
The two-story building offers 25,823 square feet of space and a flat roof that "could be used creatively for outdoor space," according to Baum's "Wicker Park redevelopment opportunity" listing.
Dietz said it is too soon to make a determination on what kinds of businesses or retailers could replace the furniture store.
"The buyer has several different options for the building: one- or two-level retail, office or residential on the above-grade floors," Dietz said.
Owned by brothers Gary and Mitch Portugal, Continental Furniture was started by their father, Ray Portugal, who began his career selling sewing machines door-to-door in 1951, according to the company's website.
At one point, the street boasted dozens of furniture stores and shops selling rugs and bedding.
Today the 1400 and 1500 blocks of North Milwaukee Avenue feature trendy restaurants, bars and boutiques selling shoes (including Steve Madden, Aldo, Doc Marten, Fluevog, St. Alfred and a forthcoming Adidas), clothing and more.
"Many of the furniture stores have shuttered and these longtime businesses also owned the real estate. Continental Furniture is similar," Dietz said.
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