Friday, November 20, 2015
Foster/Sheridan Building Sells For $21.6 Million
More big investment in the area. The Kopley Group has sold its building at 5200 North Sheridan, on the Uptown/Edgewater border, for $21.6 million. It was sold to Spirit Bascom Ventures, LLC, which says in the press release that it intends "to reposition the asset with a full rehab and renovation program including unit renovation, additional resident amenities and establishing retail tenancy."
The building, which dates back to 1924 and started life as an apartment hotel, has 233 units, mostly studios and one-bedrooms. There is also approximately 9,000 square feet of retail space on the ground floor.
Commercial real estate broker KIG CRE handled the transaction.