Sean Mason with CRER Represented the purchaser, a local real estate attorney, in this transaction. Sean successfully negotiated a pre-auction deal, eliminating uncertainty for the buyer. The properties consists of 9 parcels containing a total of .75 acres with more than 300 feet of frontage on Irving Park Road.
Despite significant issues with the properties, including a pending eviction case, the buyer recognized the long-term strategic value in acquiring substantial Irving Park frontage steps from the bustling Six Corners intersection. With high vacancy and extensive deferred maintenance, the properties were in distress and scheduled for a Ten-X auction.
“Even though transactional volumes are at decade lows, the broader market, office excepted, has yet to experience any real distress. But as this deal demonstrates, there are more opportunities becoming available for long-term investors with capital ready to deploy. Sean’s longstanding relationship with the experienced buyer allowed us to move quickly and decisively on this opportunity.”