search

The Real Deal Logo

Trending

Pinnacle Bank buys back Fort Worth office tower for $12 per sf Pinnacle Bank buys back Fort Worth office tower for $12 per sf “Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conference“Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conferenceNeil Shekhter’s WS Communities looks to sell a third of its LA apartmentsNeil Shekhter’s WS Communities looks to sell a third of its LA apartmentsRoscoe Village sellers first to try removing buyer agent commission Roscoe Village sellers first to try removing buyer agent commission 
Commercial
Chicago

North Shore Jewish congregation selling Highland Park campus

The buyer of Lakeside Congregation could use the existing building or redevelop it into up to 20 homes

1221 County Line Road and Rabbi Isaac Serotta (Credit: Millenium Properties and Lakeside Congregation)
1221 County Line Road and Rabbi Isaac Serotta (Credit: Millenium Properties and Lakeside Congregation)

A North Shore Jewish congregation is selling its Highland Park campus, and the buyer could maintain the building or redevelop the property into as many as 20 homes.

The Lakeside Congregation for Reform Judaism is merging with fellow Reform Congregation Solel in Highland Park. It has hired Chicago-based Millennium Properties R/E to market its 5.6 acre campus, which includes a 30,000-square-foot building at 1221 County Line Road.

Millennium Properties did not disclose a listing price for the property, which is across the road from the Chicago Botanic Garden.

Millennium Chairman and CEO Daniel J. Hyman said the building includes a large worship area, social hall, classrooms, offices and parking lot. The worship area seats more than 400 and the building also has a commercial kitchen, according to the property listing.

Sign Up for the undefined Newsletter

Current zoning would allow the buyer to redevelop the property into as many as 20 homes, and there is an opportunity to increase the site to 6.35 acres, according to the listing.

If the buyer does decide to build homes on the site, it would join Interforum Holdings in betting on the Highland Park housing market. The firm plans 513 residential units on the site of a former Sold Cup factory in town.

But a soft suburban luxury market has led to a number of owners selling their pricey listings at a loss on the North Shore, including former Chicago Bear Julius Peppers, who took a 40 percent loss on the Highland Park home he sold in March, according to Crain’s.

NBA legend Michael Jordan has struggled to sell his Highland Park mansion for six years. After listing the home in 2012 for $29 million, the massive estate has seen four price chops and many flashy marketing tricks. The asking price is now $14.4 million.

And his former teammate Scottie Pippen isn’t faring much better with his Highland Park mansion. The NBA Hall of Famer and wife, Larsa, recently cut the asking price on their 10,000-square-foot home once again, this time listing the home at $2.25 million, just $25,000 more than they paid for it in 2004.

Tags
Commercial Real EstateHighland Park