1266 N Milwaukee Ave
Chicago, IL 60622
Restaurant / Retail Urban · Retail Property For Sale

http://Greenstone-Partners.listinglab.com/1266NMilwaukee Greenstone Partners, as the Exclusive Investment Advisor, is pleased to present the opportunity to acquire the 100% fee-simple interest in 1266 N. Milwaukee Avenue (the “Property”), an urban-infill ±4,299 square foot commercial property situated upon ±4,814 square feet of land. The Property is uniquely positioned abutting Mautene Court, a public plaza serving as an entrance to Wicker Park Connection in Chicago’s affluent and dynamic Wicker Park neighborhood. The Property is located just 500 feet northwest of the CTA Division Blue Line ‘L’ Station that had a total of 1.9+ Million passengers in 2017 and connects Wicker Park to O’Hare International Airport and downtown Chicago’s Loop. The CTA #9, #56, #70 and #X9 bus routes run along Milwaukee, Ashland and Division as well. Access to Interstate 90 / 94 is just 1/3 mile to the east. The Property is improved with a fully built-out restaurant with indoor and outdoor seating occupied by Tocco Italiano (do not disturb tenant). The building provides the opportunity for an owner/user to own their real estate or an investor could use the existing improvements and lease the space. The Commercial zoning allows a tavern use by right. The asset could be repositioned as traditional retail space with plentiful light and unique visibility and signage. Surrounding the Property are numerous developments that have or will deliver 450+ new condominium and apartment units. Daily trip generators include Target and Jewel-Osco. Located two miles northwest of the Loop, Chicago’s Wicker Park neighborhood has flourished into a prominent shopping and dining district. Thousands of daily retail customers visit Wicker Park while The Robey, a newly renovated boutique hotel consisting of 69 guest rooms, welcomes a growing tourism population. With existing C1-3 zoning and proximity to the Blue Line Division ‘L’ Station, the parcel is Transit Oriented Development (TOD) eligible. The TOD designation provides increased FAR, reduced parking requirements, reduced dwelling unit sizes and a developer would not be required to adhere to affordable housing requirements.