LOGAN SQUARE — The 105-year-old Hollander Storage & Moving site formally hit the market this week.
Newmark Knight Frank, the commercial real estate company brokering the sale, is hoping to get between $7 million and $8 million for the site, which includes the five-story masonry building at 2418 N. Milwaukee Ave., plus the neighboring single-story annex and adjoining parking lot. But the brokerage said the sale is subject to offers.
James Cummings, broker with Newmark Knight Frank, said he envisions the site as a mixed-use development with retail, offices and residential.
"It's a highly desirable site. It's a great location between two train stations. Plus, the amount of activity in terms of restaurants and nightlife. It could be a TOD site," Cummings said, referring to a Transit Oriented Development, which would require less parking spaces because of its proximity to the train.
The site has already elicited "very strong interest" from buyers even though it's only been on the market one day, Cummings said.
The sale, first reported by DNAinfo Chicago, could mean a huge new development for a stretch of Milwaukee Avenue that is continuing to see major changes.
Last year, the ramen noodle restaurant Furious Spoon replaced 30-year-old Mexican restaurant El Charro. Then the owners bought the neighboring dive bar, Two Way Lounge, and teamed up with mixologist Dustin Drankiewicz to open a new bar, Deadbolt, in its place.
The same group is planning to open a cocktail bar in the nail salon on the other side of Deadbolt called Pink Squirrel. Last week, a proposal surfaced to open a boozy Taco Bell in the storefront on the other side of Hollander's parking lot.
Hollander has owned the site for 105 years. The longtime family-run storage and moving company, based in suburban Elk Grove Village, is selling because of the building's age, according to company executive David Hollander.
"There's always been difficulty with that building. It really isn't designed well for warehousing and logistics," Hollander previously said. "It was designed for horse-drawn trailers."