Kiser Group, Chicago’s leading multifamily brokerage firm, has advised on the $10.25 million sale of Graceway Corners, a three-story mixed-use development in Chicago. Kiser Group Advisors Andrew Friedman and Jake Parker along with Principal and Managing Broker Lee Kiser represented both the seller, Keen Realty, and an undisclosed buyer in the transaction.
“Opportunities to purchase properties like Graceway Corners arise infrequently. The location and several value-add strategies resulted in a large number of investors touring and making offers,” said Kiser. “We began marketing this property last July, arguably at the height of uncertainty in the market, and in a three-week time frame completed 45 tours resulting in nine offers.”
“Not only were the 14 commercial spaces fully occupied at close, but there were also no delinquencies. This shows the strength of the Lakeview submarket and the specific location of the property,” said Friedman. “Financing has been difficult during the pandemic. In this deal, we were presented unique challenges, especially due to the large proportion of retail. We are thankful to Dean Huber and the team at Walker & Dunlop for going above and beyond to procure the loan.”
Located at 3751 N. Halsted in the Lakeview neighborhood of Chicago, Graceway Corners sits at the intersection of Broadway, Halsted, and Grace. This three-story mixed-use building features 24 residential units and 13,600 square feet of commercial space. Originally built in 1927 as a hotel, it was later converted to a 117-unit boarding house. The seller purchased the development in the early 1980s and extensively renovated the building to its current configuration of loft-style flats and duplexes.
“Graceway Corners is a short walk to Wrigley Field, lakefront parks, restaurants and bars, and transit,” said Parker. “In the near term, the buyer intends to continue operating the property without changes, though future upside is achievable through a renovation of the apartment units.”