Properties on Armitage Avenue in Lincoln Park for sale
The owner is a California-based Blatteis & Schnur company, which purchased the two buildings for $ 11.68 million in 2006, according to Cook County real estate records. A call to the company’s Chicago office was not returned, and Amy Sands and Clinton Mitchell, brokers in the deal, did not respond to a request for comment.
The COVID-19 pandemic has had a devastating effect on other neighborhood shopping streets like Damen Avenue but not on Armitage. Data from Stone Real Estate shows that the vacancy rate on Armitage between Sheffield Avenue and Halsted Street has declined to 7.2% in 2020 from 8.8% in 2019.
Armitage is home to a growing group of e-commerce and restaurant retailers. Brands like Rothy’s, Allbirds and Outdoor Voices have opened stores across the street.
Meanwhile, near Damen Avenue, the section between Willow Street and North Avenue saw vacancy rates jump to 29.3% in 2020 from 22.9% in 2019, according to Stone. The vacancy rate on Southport between Addison and Roscoe streets fell from 0% to 4.5% in 2020, which is the highest vacancy rate the trade corridor has seen in five years.
If the Blatteis & Schnur property sells for a high price, the deal will offer more evidence that the Armitage Avenue corridor has maintained its strength during the pandemic. Residential space provides 54% of the property’s income, according to the listing, and both buildings are 100% occupied.
Data from Real Capital Analytics shows that several buildings have been sold in the region in recent years, many of which are commercial or mixed-use buildings. The Halsted Collection, located at 1927-1962 N. Halsted St. and home to tenants like Barry’s Bootcamp and One Medical, sold for $ 38 million in 2020.
Several other mixed-use properties are on the market in the area, including 939 W. Armitage Ave., which has an asking price of $ 1.8 million, according to a JLL listing. Built in 2017, the 5,491 square foot building sits right next to a CTA Brown Line station.
In addition, a three-story building at 910 W. Armitage Ave., whose retail tenants include Indochinos and MAC, is for sale.