Cedar Street Co. Closes On Six Commerical And Mixed-use Properites For $9.75 Million In Acquistions

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* Chicago - Illinois - US

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CHICAGO - Feb. 25, 2014 - PRLog -- Cedar Street Co. announces the acquisition of six commercial and mixed-use properties in Chicago, IL, Elgin, IL and Racine, WI. These acquisitions expand Cedar Street Co.’s real estate portfolio to over two million square feet of commercial and residential space and builds upon the company’s leadership in redeveloping distressed properties.

“We are excited to begin 2014 announcing the addition of six properties to Cedar Street Company portfolio,” says Alex Samoylovich, Cedar Street Co.’s Managing Partner. “These acquisitions set a thirty day record for our company and have set the pace as we continue to grow our diverse multi-family portfolio offerings in Chicago and the Midwest.”

The properties acquired include:

·         5019 W Lawrence Avenue: Lawrence Ave. and West Leland Ave, Jefferson Park

·         6019 N Winthrop Avenue: Winthrop Ave. between Glenlake Ave. and Thorndale Ave., Edgewater

·         222 N Aberdeen Street: Aberdeen St. and West Lake St., West Loop

·         1101 W Fulton Street: Fulton St. and Aberdeen St., West Loop

·         717 W Highland Avenue, Elgin IL

·         2400 Jacto Drive, Racine, WI

Located at the intersection of Lawrence Ave. and West Leland Ave in Chicago’s Jefferson Park neighborhood, 5019 W Lawrence was purchased for $1,100,000 through a Midland Bank short sale transaction. The building is four stories with approximately 13,965 gross square feet. The property includes six residential units and 2,215 square feet of first floor retail space. Cedar Street Co. intends to make specific tenant improvements and add the property to their Estate Properties (http://www.estatepg.com/) portfolio.

An SRO property located on Winthrop Ave. between Glenlake Ave. and Thorndale in Chicago’s Edgewater neighborhood, 6019 N Winthrop Ave. was note purchase for $1,400,000. The building is four stories with approximately 23,967 gross square feet including 81 SRO units. Cedar Street Co. intends to make necessary capital improvements and will add the property to their Estate Properties (http://www.estatepg.com/) portfolio.

A Cedar Street Commerical (http://www.cedarcommercial.com/) acquisition, 222 N Aberdeen Street and 1101 W Fulton Street was purchased for $4,200,000 through a foreclosure short sale and financed by American Chartered Bank. Steps away from the new Google tower in the West Loop neighborhood of Chicago, the adjacent three-story buildings total 32,000 square feet of mixed-use office and retail space. Cedar Street plans to lease office space in the second and third floors and sign a retail restaurant for the ground floor space. Cedar Street has already received a lot of interest in the property resulting in multiple letters of intent.

717 W Highland Ave. in Elgin, a 107-unit apartment property, was a note purchased from Amcore Bank for $2,400,000 of the original $12,000,000 note and sold to Mercy Housing for $7,200,000. During this transaction, Cedar Street donated $425,000 to Mercy Housing in support of their affordable housing mission.

A 140-unit apartment property located at 2400 Jacto Dr, Racine, WI, was foreclosure purchased as a cash transaction for $725,000 from the Federal Deposit Insurance Corporation. Cedar Street Co. intends to begin looking at what the highest and best use will be for the property and area.

Media Contact
Natalie Stanichuk
Source:Cedar Street Co.
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Tags:Commercial Real Est
Industry:Construction, Real Estate
Location:Chicago - Illinois - United States
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