Newmark is pleased to announce that it has successfully advised Hollander Holdings, LLC in the sale of its 106-year-old building site on Milwaukee Avenue in Chicago.
The historic site comprises a five-story, 26,700-square-foot masonry building located at 2418 N. Milwaukee Avenue, plus 11,000 square feet of neighboring land. Newmark’s Jim Cummings and Brian Carroll represented Hollander in the sale of the historic site. GW Properties, who purchased the property, plans to restore the Hollander building and create a mixed-use site that includes boutique office and retail on the ground floor. Also in the redevelopment plans is the addition of an apartment building with ground-floor retail.
“Over the last couple of years, we have seen a flurry of new development along Milwaukee Avenue due to Transit Oriented Development (TOD),” said Cummings. “Not only was the opportunity there for the buyer to preserve and restore a historic property in a booming community, but also to redevelop the use with an addition of a brand-new building.”
The property was built in 1912 and has been owned by the Hollander family since. The firm, who is headquartered in Elk Grove Village, Illinois, used the Milwaukee Avenue location to house store archives and records. The Hollanders have already vacated the Milwaukee Avenue facility and relocated its materials to its headquarters.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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