Revlis Realty LLC Acquires Retail Property In Chicago For $1M

The retail property located at 1623 N Milwaukee Ave in Chicago was recently sold in a closed transaction. The property spans across 2,397 square feet and was sold for a sale price of $1,000,000, resulting in a price per square foot of $417. The transaction took place on 03/01/2021.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $1,000,000
• Address: 1623 N Milwaukee Ave
• Market: Chicago
• Asset Type: Retail

Revlis Realty LLC purchased the property from Santini LLC. The transaction was facilitated by the broker Matthew Neistat. The asking price for the property was $1,100,000, and Revlis Realty LLC was able to successfully negotiate and close the deal at $1,000,000. It is worth noting that during a pandemic, Matthew Neistat was tasked with leasing a vacant restaurant without Black Iron. Despite the challenges, strategic efforts were made to attract traffic to the property. This resulted in receiving 4 Letter of Intents to lease from 4 national franchises. Surprisingly, an unsolicited cash offer for purchase was presented, which led to the decision to sell the property instead. The transaction was completed within a span of 30 days. According to CoStar, the price per square foot achieved in this deal was the 4th highest in two years, and it also ranked among the top 6 in the MLS.