Michael Shenouda Of Honore Properties And Michael Cordaro Of Peerless Development Acquire Retail Asset In Chicago For $11.5M

The retail property located at 821 West Eastman Street in Chicago has been sold for $11,500,000. This asset, comprising 23,150 square feet, was acquired by Honore Properties and Peerless Development. The transaction reflects a price per square foot of $497.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $11,500,000
• Address: 821 West Eastman Street
• Market: Chicago
• Square Footage: 23,150
• Price per Square Foot: $497
• Buyer: Michael Shenouda - Honore Properties; Michael Cordaro - Peerless Development
• Broker: Danny Spitz - Greenstone Partners

Honore Properties and Peerless Development's acquisition of the property marks their third recent purchase in the Lincoln Park neighborhood. The property includes tenants such as the British International School of Chicago, which has a 17-year lease, along with Bright Horizons and Hill Family Pet Care. Danny Spitz from Greenstone Partners represented the seller in this transaction, while Honore Properties utilized proceeds from a 1031 exchange for this investment.