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Wednesday, July 29, 2020

Two Chicago retail assets facing foreclosure hit the market

Source: REjournals

NRC Realty & Capital Advisors has been retained as the exclusive real estate broker to sell two commercial properties at 6500 N. Western Avenue and 6017-6057 N. Western Avenue in Chicago. Foreclosure cases are pending on the two properties in the Circuit Court of Cook County of Illinois, Chancery Division.

One property is located on Western Avenue just off of Peterson Avenue, and the other is two blocks north of Devon Avenue both in heavy-traffic locations with over 430 feet of frontage on Western. The 6500 N. Western property is improved with a 24,800-square-foot garage building and office on a 1.1-acre parcel adjacent to North City Honda and across from Warren Park.

The second property at 6017-6057 N. Western is a former car dealership on a 1.1-acre site improved with a 5,415-square-foot showroom built in 2000, and adjacent to Chicago Northside Toyota and Napleton’s Northwestern Chrysler Jeep Dodge Ram, Walgreens and Starbucks. Both properties are zoned C2-2 which allows a variety of retail and commercial uses.

“These are great properties for a variety of uses including automotive, retail or mixed-use redevelopment. It is rare to find large sites such as these on the market in the city. Buyers can buy one site or both,” said David Levy, vice president of NRC. “The properties are being sold free and clear of all liens, subject to confirmation of any such sale by the Circuit Court of Cook County, and we expect high interest due to their prime locations.”

To see a list of convenience stores and gas stations for sale, click here.