Holladay Properties has closed on the acquisition of a 13,620-square-foot commercial/office building located at 5100 Forest Ave. in Downers Grove. Hinsdale Bank & Trust served as the lender for the purchase and Nick Peters of CBRE represented both the buyer and seller.
Holladay’s Northwest Indiana division, which covers the Chicago MSA, will lead the redevelopment of the site. The facility, a former bank building, is located on approximately one acre of land at the intersection of Forest and Gilbert avenues and has been re-dubbed “Burlington Station” by the developers. Drew Mitchell, vice president – development for Holladay Properties has been selected to serve as project manager.
“Holladay Properties is thrilled about the opportunity to redevelop this parcel in downtown Downers Grove,” Mitchell said. “The Village of Downers Grove has a rich history and we are excited to be a part of the continued growth and development of Downers Grove.”
The area’s demographics, flexible zoning and vibrant downtown presence attracted Holladay to the project while providing the site a competitive advantage offering multiple uses. While plans are still being finalized for the property, Holladay has begun evaluating and marketing the site in earnest.
“This particular site affords a myriad of development opportunities and we have already begun the process of exploring development opportunities with village staff,” Mitchell said.
Holladay expects to finalize a development plan and begin construction on the site by the end of the year.
© 2017 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or email@example.com