The Salvation Army is looking to sell its main downtown campus in the River West neighborhood, hoping to cash in on real estate investors’ appetite for land near the gentrifying North Branch of the Chicago River.
Paving the way for what could be a big redevelopment project in the city’s expanding central business district, the charity has hired brokerage SVN Chicago Commercial to market its longtime property along Grand Avenue between Desplaines Street and Union Avenue.
The 70,000-square-foot site, which the Salvation Army has owned since 1931 and today serves as its Chicago Adult Rehabilitation Center, does not have a specific asking price. But a source familiar with the offering estimated it could fetch between $30 million and $40 million based on the potential to develop almost 570,000 square feet on the property.
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https://www.chicagobusiness.com/commercial-real-estate/river-west-site-next-tribune-media-megaproject-hits-market
Author: Aaron Anovitz
https://anovitz.com In over 30 years of brokerage, Aaron Anovitz has represented tenants and building owners in hundreds of lease and sale transactions. These transactions have involved retail, office and industrial space and have ranged from 500sf medical and entrepreneurial companies to 25,000sf advertising agencies and insurance companies. Aaron has represented all classes of buildings from Class A & B Loop and Michigan Avenue properties to loft buildings in River North and the South and West loop neighborhoods. In the last 20 years, Aaron has been involved with acquisition, asset management and construction management while continuing to represent owners and tenants. His investors have entrusted him to manage, lease, build and maintain multi-million dollar portfolios. Aaron joined Ann Anovitz Associates after graduating from Western Illinois University in 1984 with a B.A. in Mass Communications. His first 10 years after college were spent working for Fortune 500 companies such as Allstate Insurance, Motorola, Quaker Oats and the Chicago Tribune doing video and film production and working part time with Ann Anovitz Associates as a broker. Aaron is an avid golfer, volleyball player and Chicago sports fan and when not otherwise busy spends time doing rehab to his 1942 home. Aaron is now an Owner and President of Ann Anovitz Associates and is ready to help you with all your real estate needs.
