655 West Irving Park Road, Chicago, IL 60613
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.
c/o Fisher Auction Company Inc.