CHICAGO, Oct. 3, 2019 /PRNewswire/ -- Paine Wetzel Commercial Real Estate and MWA Capital Advisors are set to sell the former Stanley's Fresh Fruit and Vegetables property located at the corner of North Avenue and Elston Avenue on Chicago's North Side at public auction on Tuesday, November 19, 2019 at 10AM at the Crowne Plaza Chicago West Loop.
Ed Wabick, Principal of Paine Wetzel Commercial Real Estate, and Ken Nofziger, President of MWA Capital Advisors, are spearheading the auction marketing effort. "A public auction is a superior way to ensure a quick sale at prices that accurately reflect the market," said Nofziger. "Given the prominence of this location at a high traffic entry way from the Kennedy Expressway directly into the 55-acre redevelopment project, Lincoln Yards, and the proposed Salt District redevelopment, we expect the auction to bring a number of serious bidders to the table," added Wabick.
The property is being offered in three separate tracts or in any combination of tracts, including the entirety of the properties. When combined, the properties total nearly 76,000 square feet. The properties include:
- Tract 1 includes ten tax parcels encompassing 28,893sqft and includes the former 7,665 Stanley's building.
- Tract 2 also includes ten tax parcels totaling 36,346sqft and features approximately 4,800sqft of cold storage and warehousing.
- Tract 3 spans three tax parcels, totaling 10,629sqft and includes a three-story residential building and two vacant lots.
"It is hard to put a price on a unique offering such as this," said Nofziger. "The property has a wide range of potential future uses and could be redeveloped into retail, apartments, offices, medical or a multitude of other options." Two information days will be held on Tuesday, October 22 and Tuesday, November 12 from 10AM to 1PM at the former Stanley's store, 1558 North Elston Avenue, for tours and to discuss the properties and the auction process.
Individuals seeking additional information may visit stanleysnorthandelston.com or call Ed Wabick at 773-714-2141 or Ken Nofziger at 800-607-6888.
About Paine Wetzel Commercial Real Estate
Paine Wetzel Commercial Real Estate (PW) is a corporate real estate firm headquartered in Chicago. Since 1975, PW brokers have specialized in the leasing and disposition of office and industrial properties. The firm offers specialists in investment, transactions, consulting and project management who possess an unrivaled depth of local market knowledge, supported by the latest in technology. For more information, please visit www.painewetzel.com.
About MWA Capital Advisors
MWA Capital Advisors, a subsidiary of Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national real estate auction, marketing, and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa. For more information, please visit www.murraywiseassociates.com.
SOURCE MWA Capital Advisors