Chicago Cheat Sheet: Pricey suburban resi sale shatters town records…& more

Also, GW Properties closes on deal for beloved Northwest Side Italian restaurant property

May.May 03, 2019 05:00 PM
23023 S Scheer Road (Credit: Realtor)

23023 S Scheer Road (Credit: Realtor)

Frankfort mansion sale breaks record

A five-bedroom mansion in Frankfort broke the record for the priciest residential sale in the southwest suburb. The 8,800-square-foot home on five acres at 23023 South Scheer Road sold for nearly $2.8 million, well above the previous record of more than $1.3 million for another home down the road in 2015. The sellers were used auto parts magnate Frank Heckenast and his wife, Michelle. Judy Howard of CRIS Realty had the listing. The buyers were not yet identified. [Crain’s]

Sale of Sabatino’s restaurant property finalized

GW Properties closed on its deal to buy the beloved Sabatino’s Italian restaurant in Irving Park. The Chicago developer paid nearly $2.4 million last month for the property at 4441 West Irving Park Road, though its plans for the site remain unclear. Signs on the property tout it as a “development opportunity.” The restaurant closed in December after 49 years. [Block Club]

Co-working continues to grow in Chicago

Chicago’s flex-office space footprint grew 17 percent in 2018, making it the fourth-largest co-working market in the country. The city’s 3.2 million square feet of shared office space rank it behind Manhattan, Los Angeles and Washington, D.C., according to a new report from CBRE.

Co-working providers now account for nearly 1.4 percent of Chicago’s total office inventory, below the national average of nearly 1.5 percent. [Bisnow]

New construction market continues to prosper for builders

Sales of new construction homes in the Chicago area rose in the first quarter, according to a new report. Builders sold some 1,144 homes in the market in the first quarter, a 6 percent increase year over year, according to industry consultant Tracy Cross & Associates. The increase comes after the market ended 2018 with a 3.1 percent increase in new construction over 2017. The report covered developments of 10 or more and condos, townhomes or single-family homes. [Crain’s]

Wicker Park hotel expected by early next year

A new Hyatt Place hotel in Wicker Park is expected to open by early next year at the latest. The 99-key hotel is going up on the former site of a gas station at 1555 North Ashland Avenue owned by George Nediyakalayil, who also is developing the new hotel. The property will feature a small bar, a conference area and a seventh-floor event venue. [Block Club]

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