Novak Development Sells Webster Place Retail Center In Chicago For $67.8 Million

1435-1471 West Webster Avenue is a retail asset located in Chicago, IL, spanning 4.27 acres. The property encompasses 136,000 square feet and was sold for $67,800,000, translating to approximately $499 per square foot. The site is fully leased and includes significant tenants such as a 76,000-square-foot Advocate Health outpatient center, Chase Bank, and Regal Cinemas.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $67,800,000
• Address: 1435-1471 West Webster Avenue
• Market: Chicago, IL
• Asset Size: 136,000 square feet
• Acres: 4.27
• Seller: Novak Development
• Buyer: Undisclosed New York family office
• Brokers: Michael Wilson, Michael Kaider, Christian Williams & George Good - CBRE

In this transaction, Novak Development sold the property after acquiring it for $29.3 million in 2021. The brokers involved in the deal were from CBRE, highlighting the expertise and involvement of Michael Wilson, Michael Kaider, Christian Williams, and George Good in facilitating this real estate transaction.