LOGAN SQUARE — A pair of developers paid nearly $6 million for two buildings at Logan Boulevard and California Avenue, a sign that Logan Square's red-hot real estate market isn't cooling off.
"Right now, Logan Square is one of the hottest real estate markets" in the city, said broker Jordan Multack of Essex Realty Group, the real estate company that brokered the deal. "This sale confirms it for everyone."
The developers, whose names were not disclosed, recently bought the mixed-use buildings at 2755-57 West Logan Blvd. and 2535-43 North California Ave. from a family who had owned the properties since the 1990s.
Jim Darrow, another Essex Realty broker on the deal, said the family was "ready to move on."
"They saw it was an opportune time to sell. There were several family members involved in the transaction," Darrow said.
The buildings offer 14 apartments and two retail tenants: Starbucks and Buona Terra restaurant. Darrow said the new owners plan to keep the tenants and spruce up the apartments.
"They saw it was a great opportunity to get into Logan Square and to buy on that corner of the boulevard. These opportunities don't come around that often," Darrow said.
According to Darrow and Multack, the buildings could've sold for more money, given how hot the real estate market is in Logan Square right now. But the family chose to do an off-market deal and let buyers set the offer price. Darrow and Multack brokered the deal with a third Essex broker, Jordan Gottlieb.
"I probably get a call every week from investors saying, 'What do you have in Logan Square? I really want to focus on Logan Square,'" Darrow said. "I don't get those kinds of calls on that consistent of a basis for other neighborhoods. The demand is tremendous."