SVN Sells Mixed-Use Asset at Park Place Tower

The 14,856-square-foot office and retail property is located at the ground and second floors of the tower located in Chicago’s Lakeview neighborhood.
655 Irving Park Road Chicago III
655 Irving Park Road, Chicago, Ill.

SVN negotiated the $4.2 million trade of a multi-tenant asset in Chicago’s Lakeview neighborhood. Senior Vice President Wayne Caplan and Senior Advisor Lee Ffrench represented the seller. The property offers 14,856 square feet of office and retail space.

A Desirable Location

The fully-leased asset is comprised of commercial space located on the ground and second floors of Park Place Tower at 655 W. Irving Park Road.

Well leased commercial condos in good Chicago locations are very sought-after investments. Anything in a prime neighborhood like Lakeview is going to be given lots of looks from potential purchasers,” Caplan said in prepared remarks.

Park Place Tower is one of the tallest residential buildings in Chicago, measuring more than 530 square feet. The 56-story, 901-unit residential property was built in 1971 and went through major renovations between 2001 and 2006.

Image courtesy of SVN