CRE N Illinois

SVN Chicago facilitates record land sale in Chicago's Pilsen neighborhood

SVN Chicago facilitates record land sale in Chicago's Pilsen neighborhood,ph1
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A 15,625-square-foot land site with a 3,750-square-foot building sold at 1850-54 S. Racine Avenue in Chicago’s Pilsen neighborhood. Paul Cawthon and Angelo Labriola of SVN | Chicago Commercial were the sole brokers in the transaction. The land sold for $1,400,000, capping off their 66th transaction in the neighborhood over the past four years.

The property transacted at $90 per square foot, the highest price per square foot for land in the neighborhood, not located on 18th Street. The buyer took advantage of a unique opportunity to purchase a future development site that is currently income producing while they determine the highest and best use for the property, draw up plans and submit for permits. The property was a rare assemblage of five corner lots with favorable zoning in place.

“Though multiple offers were received, the buyer is a fixture in the Pilsen community, which was a major factor in the seller’s decision. In recent months we have seen an increased demand for ground-up development sites in the Pilsen area,” Labriola said.