Trending
JAB Real Estate looks to sell Old Town mixed-use complex for $26M
The 6-story, transit-oriented Northland development was completed last year
JAB Real Estate is listing a mixed-use building it developed last year in Old Town for $25.6 million.
The Northland, a six-story building at 1550 North Wieland Street, has 61 apartments and street-level commercial space that’s home to Two Lights Seafood & Oyster Co., a restaurant scheduled to open this week.
Essex Realty Group principals Jim Darrow and Jordan Gottlieb are marketing the property for JAB.
The building is fully leased and managed by Kass Management, Essex Realty said.
The property was formerly the site of a three-story building that had 24 rental units and Tipre Hardware.
JAB bought the building in March 2016 from a joint venture of Marc Realty Capital and Chicago Apartment Finders for $5.8 million, according to Real Capital Analytics. The deal was financed with an estimated $3.8 million loan from Lakeside Bank.
That building was torn down and replaced with the transit-oriented development designed by Space Architects + Planners.
JAB and Space are also teaming up on a project to convert the parish house at St. Peter’s Episcopal Church in Lakeview into apartments.