Novak Construction Co. has acquired a 50,000-square-foot retail building in Logan Square. The local firm bought the property for $21.3 million from Zurich-based AFIAA.
Logan Plaza is located at 2310 Logan Boulevard, and is fully occupied, according to Real Capital Analytics. Its tenants include Xsport Fitness, Panera and Mattress Firm.
In 2007, AFIAA bought the two-story building from Joseph Freed & Associates for $21 million then renovated it, according to RCA.
Novak Construction’s deal this month was brokered by CBRE and represents a sale price of $426 a square foot, an improvement of $6 per square foot over the 2007 deal for AFIAA.