Wirtz family sells Lakeview complex amid major development plans

The property, consisting of two buildings at 535 West Cornelia Avenue and 534 West Stratford Place, was sold to FMA Properties, with an $18.2 million loan from Greystone.

Represented by Global Real Estate Advisors' Bill Montana and Christopher Sackley, the Wirtz family's sale marks a shift in their long-held real estate portfolio, as they focus on larger projects. While the transaction is modest compared to their other holdings, it follows the announcement of the $7 billion «1901 Project,» a massive mixed-use redevelopment planned near the Blackhawks' home at the United Center.

This project, done in partnership with the Reinsdorf family, owners of the Chicago Bulls, will transform 55 acres around the arena, adding residential units, a music hall, retail spaces, restaurants, and green areas. Pending city approval, the project aims to revitalize the Near West Side.

The sale of the Lakeview complex, however, is unrelated to the 1901 Project, according to Wirtz Realty Senior VP Don Vitek.

Source: Therealdeal
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