Wednesday, January 14, 2015
Pensacola Place, Including Jewel-Osco, Offered For Sale
Thanks to a sharp-eyed reader to letting us know that Pensacola Place, the large residential and retail complex located on the south side of Montrose between Sheridan and Hazel, is now on the market.
According to Chicago Real Estate Daily, "Chicago apartment landlords Tony Rossi and Tom Moran have put Pensacola Place, a 264-unit apartment building in Buena Park, up for sale. Built in 1981, the 18-story tower at 4334 N. Hazel St. includes a Jewel-Osco grocery store on the ground floor ... A buyer could boost its value by renovating its lobby, adding amenities and adding townhomes on part of the property." Click here to read the entire blurb.
According to its real estate listing, deal point include "Empirical demand for housing continues to outstrip defined supply, meaning there is a current lack of supply to meet the consistently growing demand for transit-oriented housing" and "Multiple value-add opportunities including upgrades to the marketing window, units, and amenities; commercial lease-up or repositioning; 50 townhouse development pads; and additional potential future development offer investors significant opportunity for revenue growth." You can see the listing here.
How much? Well, they're being coy. Interested parties can register at the site to receive offering materials.
By Kate Uptown - January 14, 2015