MPI Sells Retail/Commercial Property on Elston to CTA

Millennium Properties R/E, serving as the exclusive advisor to the lender, recently completed the sale of a 1.03 acre redevelopment site to the Chicago Transit Authority. The property, located at 5601 N. Elston, is adjacent to the CTA’s Forest Glen bus garage.

Previously, the property was used as a garden center and contains five commercial buildings totaling 25,800 square feet. The CTA plans to use the site for additional vehicle parking, expanding their existing garage substantially.

“I learned early on the value of talking to neighboring property owners and this deal is a great example of the benefits of that strategy,” said Daniel J. Hyman, president of Millennium Properties. “As a result, the CTA was able to acquire the room to expand their operations at this infill location.”

“With the mix of commercial and residential properties nearby, this site offered a great opportunity for a number of potential users looking for a location in Jefferson Park,” said Susan B. Silver, executive vice president for Millennium Properties. Jones Lang LaSalle represented the buyer in the transaction.

A leading real estate brokerage and asset management firm, Millennium Properties R/E, Inc. was founded in 1996 by Daniel J. Hyman and has completed more than $4.3 billion in sales. Millennium Properties presently manages approximately 2.5 million square feet of space throughout the Chicagoland area, including industrial, office, retail and multi-family properties. The firm also provides a number of other real estate related services, including receiverships, live and sealed-bid auctions, consulting and construction management.