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Classic Auction - Mixed Use

Chicago - Prime Retail & Office Condo Offering

655 West Irving Park Road, Chicago, IL 60613

  • Asset Type
  • Real Estate
  • Property Type
  • Mixed Use
  • Land Area
  • NA
  • Year Built
  • 1971
  • Year Renovated
  • 2002
  • Number of Floors
  • 2
  • Occupancy
  • 82.00%
  • Occupancy as of
  • Nov 03, 2020
  • Mixed Uses
  • Retail, Office
  • Total Property Size
  • 15,030 Sq Ft
  •  
  • Retail Information
  • Retail Type
  • Grocery Anchored Center
  • Anchor
  • Yes
  • Anchor Tenant(s)
  • Park Place Market
  • Property Size
  • 6,265 Sq Ft
  •  
  • Office Information
  • Office Type
  • CBD Office
  • Property Size
  • 8,765 Sq Ft

82% Occupied | Retail & Office 2-Floor Condominium

Investment Highlights:

  • 1st floor retail and 2nd floor office investment offering in Park Place Tower at 530 feet and 56-stories – Chicago's tallest residential building outside of downtown area
  • 82% occupied mix of retail and office tenants including the Park Place Market (grocer), dry cleaner pickup location, yoga studio and various office uses ideally suited to serve the 901 condo units on the upper floors of the building, along with the surrounding area
  • Located within walking distance from Wrigley Field, Uptown Theatre, The Green Mill and Montrose Beach
  • Situated along W Irving Park Road (20,800 VPD) just off of US Highway 41 / Lakeshore Drive (139,800 VPD)
  • More than 955,500 residents and nearly 594,000 employees within the 5-mile trade area


The Offering:

SRS National Net Lease Group and RealINSIGHT Marketplace are pleased to present the rare opportunity to acquire Park Place Tower (Floors 1-2), an 82% occupied mixed used retail and office commercial condo offering located in the Lakeview neighborhood of Chicago, Illinois (the "Property"). The retail/office condo comprises the first two floors of the 56-story building and consists of 15,030 leasable square feet. The remaining floors of the building (not included in the offering) are residential condos. The offering is occupied by a mix of retail and office tenants including the Park Place Market (grocer), dry cleaner pickup location, yoga studio and various office uses ideally suited to serve the 901 condo units on the upper floors of the building, along with the surrounding area.  Prominent real estate developer/owner Crescent Heights signed a 20-year lease in 2017, and accounts for nearly 30% of the leasable area.

Park Place Tower at 530 feet and 56-stories is Chicago’s tallest residential building outside of the downtown area. Park Place Tower was originally built in 1971, and underwent a major renovation in the early 2000s which converted the building from apartments to upgraded condominiums. The building’s redesign won professional acclaim from the Interior Design Institute of British Columbia and the Home Builders Association of Greater Chicago. It was named Best in Show and collected the Gold Medal Award of Excellence for 2002 from the former and received three Silver Key Awards from the latter in the same year.

Park Place Tower is located in the North Side community of Lakeview, Chicago’s second largest community in the city. The site is well-located with convenient access to downtown Chicago, Lake Michigan and Wrigley Field. It is along W. Irving Park Road (20,800 cars per day) with direct access to Lakeshore Drive (139,800 cars per day). The building is just a short walk from the lakefront, with its beaches, harbors, tennis courts, golf course, driving range and jogging and biking paths. Park Place Towers is centrally located near restaurants, art galleries, clubs, pubs, antique stores, boutiques, supermarkets, theaters, and concert venues. The building also has easy access to public transportation with CTA bus service just outside the building and elevated train stations a couple of blocks away. Irving Park Road is a direct route to the Kennedy Expressway; Lake Shore Drive has an exit and entrance ramp just east of the building.

Property Tours: Please contact the SRS team to schedule your tour.  

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Platform Fee

The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Scott Bowers

    c/o Fisher Auction Company Inc.

    License: 040000273