CRER is happy to announce a commercial real estate sale in Logan Square, specifically at 3050 W. Diversey Pkwy, Chicago, IL.
This property, which includes a laundromat, was expertly navigated to sale by Shayn D’Orazio and Steven Rapoport, CCIM.
Property Overview
Nestled in the heart of Logan Square, this property presented a unique opportunity for investors and developers. The highlight of this sale was a 3,245-square-foot, single-story building, operating as a thriving owner-operated laundromat. Its prime location, a 7-minute walk from the Logan Square Blue Line, combined with the significant daily traffic of 12,800 vehicles along Diversey Ave, provided unparalleled retail exposure.
Investment Potential and Flexibility
This property wasn’t just about its current state but also the potential it held. Spanning over 6,046 square feet within the Transit-Oriented Development (TOD) boundaries, it offered a canvas for creative redevelopment. Buyers had the exciting option to either utilize the existing structure or, with the advice of a zoning attorney and architect, explore redevelopment opportunities, maximizing the site’s inherent potential.
The Transaction: A Testament to Expertise
The closing of this property stands as a testament to the efficiency and expertise of CRER brokers. Remarkably, the property went under contract and closed within an impressive timeframe of just 14 days. This rapid closure not only demonstrates the high demand in the area but also the effectiveness of the approach in the commercial real estate sector.
Acting as a Dual Agency representative, Shayne and Steven skillfully navigated the complexities of the deal, ensuring a smooth transaction for all parties involved. A significant aspect of this sale was that it focused on the property, not the business. Yet, the buyer was able to purchase without the need to close the laundromat during the transition period, ensuring business continuity and stability.
Strong Market Interest
This sale attracted considerable attention, evident from the multiple backup offers received. It underscores the vibrant market interest in Logan Square and the confidence investors have in properties represented by Shayn D’Orazio and Steven Rapoport.
This successful closure in Logan Square is not just a transaction but a reflection of the thriving Chicago real estate market. It highlights the opportunities that lie within this dynamic city for investors and developers alike.
