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.