GW Properties buys Logan Square Hollander building; plans redevelopment

The will renovate the historic property and build new apartments next door

Chicago /
Aug.August 29, 2018 03:44 PM

GW Properties principals Mitch Goltz and Shai Wolkowicki and the property (Credit: Newmark Knight Frank)

GW Properties acquired a five-story brick building near the California CTA Blue Line station in the heart of Logan Square, where company principals envision a mixed-use office and retail redevelopment.

The $5.83 million deal also included 11,000 square feet of adjacent land, where the buyer plans to demolish a smaller structure and build an apartment building with ground-floor retail in its place, according to GW principal Mitch Goltz.

Hollander Storage & Moving Co. had owned the building, at 2418 North Milwaukee Avenue, since the Hollander family built it in 1912.

GW Properties took out a $3.5 million mortgage on the property after the sale from Belmont Bank and Trust, Goltz said.

The developer plans to “restore” the 26,700-square-foot building with “boutique office and retail on the ground floor,” according to Newmark Knight Frank, whose brokers Jim Cummings and Brian Carroll represented the seller. Goltz said he envisions a “rooftop restaurant concept” on the new building next-door.

Goltz said he hopes to complete the entire redevelopment within the next 18 months.

The warehouse is about a block from the former site of the Logan Square Mega Mall, where Fifield Companies broke ground this year on a mixed-use development with 220 luxury apartments and 67,000 square feet of commercial space spread across two buildings.

And a few blocks away, Inland National Development is building a 100-unit apartment building at 2845 West Belden Avenue.


Related Articles

arrow_forward_ios
Guinness picks Chicago as location for second US brewery
Guinness picks Chicago as location for second US brewery
Guinness picks Chicago as location for second US brewery
Kaegi’s higher property assessments shock Chicago landlords
Kaegi’s higher property assessments shock Chicago landlords
Kaegi’s higher property assessments shock Chicago landlords
Hilton Chicago Magnificent Mile Suites and Procaccianti Companies CEO James Procaccianti (Facebook, Procaccianti)
Hilton Chicago Magnificent Mile transferred to lender amid pandemic struggles
Hilton Chicago Magnificent Mile transferred to lender amid pandemic struggles
Greystar buys site earmarked for 20-story West Loop tower
Greystar buys site earmarked for 20-story West Loop tower
Greystar buys site earmarked for 20-story West Loop tower
Elk Grove Village to get $1B data center project
Elk Grove Village to get $1B data center project
Elk Grove Village to get $1B data center project
An early rendering of 523-45 South Wabash Street (BKV Group)
$350M mixed-use development in Loop approved
$350M mixed-use development in Loop approved
Donald Trump with the Trump International Hotel & Tower in Chicago (Getty, iStock)
Trump gets another tax break on Trump Tower retail space
Trump gets another tax break on Trump Tower retail space
Jenner & Block poised to sign new lease at Chicago’s River North building after settling suit with landlord
Jenner & Block cuts space at 353 N Clark after settling suit with landlord
Jenner & Block cuts space at 353 N Clark after settling suit with landlord
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...