Retail sector remains strong
A Chicago condo building has signed a deal with a Los Angeles-based real estate firm for 9,900 square feet of retail space located at Irving Park Road, Damen Avenue, and Lincoln Avenue.
Blatteis & Schnur, Inc, purchased the space for $4.2 million, or $424 per square foot. The deal highlights the strong demand for quality retail space in the city at a time when sales of residential units around Chicago have dropped to new lows.
North Center continues to attract heavy development as new residents and businesses flock to the popular Chicago neighborhood. The condo building was developed by Robert Mosky, a Chicago-based private developer. Construction was completed in 2002.
North Center is one of the few Chicago neighborhoods that continue to see a flurry of activity in the condo market. A total of 165 units were sold in the area during the third quarter, according to a recent report from the Chicago Association of Realtors, the highest total for the quarter in more than 15 years.
However, demand for residential Chicago Real Estate continues to drop amidst turmoil in the mortgage market and prices that have driven many potential buyers to rent.
Technorati Tags: Chicago Real Estate, Chicago Retail Space, North Center Real Estate
