Farpoint Development and MCZ Development have entered into a joint venture to acquire a retail and medical office building in Chicago’s Clybourn neighborhood for over $20 million. The North Avenue Collection, located at 939 W. North Avenue, was recently purchased at an auction by the developers.
This move is part of a trend among investors to take advantage of distressed properties in Chicago by purchasing them at discounted prices. The sale price represents a significant loss for the previous owners, Principal Financial Group from Iowa, who bought the building for $89 million in 2004.
The deal was brokered by CBRE agents Blake Johnson, David Knapp, Arthur Johnson and John Saletta. This acquisition is just one example of similar situations occurring throughout the city; other notable purchases include properties on Magnificent Mile and State Street that were sold at steep discounts.
Overall, this purchase demonstrates how developers are capitalizing on opportunities presented by struggling real estate markets in order to secure valuable assets like this retail and office space on North Avenue.
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