GW Properties Sells Chicago’s Hollander Building at Loss

A vacant landmark at one of Logan Square’s busiest corners is finally set for a second life.

J2 Equities, an affiliate of Northbrook-based Lelyn Group, has acquired the historic Hollander Storage & Moving building at 2418-2420 North Milwaukee Avenue for just under $4.8 million, CoStar reported.

The five-story brick building sits at the high-traffic intersection of Milwaukee and Fullerton avenues, adjacent to CTA Blue Line tracks and steps from Logan Square’s core. GW properties was the seller, and the sale was brokered by CBRE’s Tom Svoboda.

GW Properties paid just over $5.8 million in 2018 and spent nearly seven years navigating various redevelopment concepts and city approvals.

Though GW originally envisioned an office and retail project, it later pivoted to a residential plan as market conditions shifted. The firm ultimately opted to sell, citing limited bandwidth and a desire to focus on other developments.

J2 plans to move forward with the 62-unit residential conversion that GW secured zoning approval for in 2021. That plan includes 13,000 square feet of ground-floor retail, a rooftop deck, fitness center and co-working space, along with demolition of an adjacent single-story structure to make way for a five-story addition connected to the historic building.

Construction is expected to begin this fall with delivery targeted for spring 2027.

The sale was “bittersweet but satisfying” said GW Principal Mitch Goltz. Despite the sale at a loss, he said he was glad to see the project finally move forward.

J2 also plans to preserve the Hollander name in some form, acknowledging the building’s visibility and legacy as a longtime local fixture thanks to its massive red billboard. The structure once stored moving trucks and records for the Hollander family business.

The redevelopment adds residential density to a highly visible corridor in Logan Square, where few large-scale projects have taken shape in recent years.

— Judah Duke