SOLD: 17,000 Square-Foot Retail Redevelopment

Sep 25, 2019

Persistence pays off: Matanky Realty Group represented local seller in disposition of retail property in Chicago, Ill.

Matanky Realty Group today announces that Senior Vice President and Director of Brokerage, Terri Cox has closed on the sale of a 17,000 square-foot redevelopment located at 4856-78 West North Avenue in Chicago, Ill.

The buyer, represented by Sharon Bar-Shalom of Metro Commercial Real Estate, is an owner-user who plans to redevelop the former auto repair shop. The property’s layout and location are ideal for this. It sits just across from Washington Square Mall, which hosts a number of national tenants including Ross, Planet Fitness and VILLA.

The road to closing was long for Cox. She went under contract with three different developers prior to completing this deal.

“It was a long, hard fought battle,” said Cox who represented the seller. “We are incredibly excited about the sale of this building. The buyer has enormous redevelopment opportunity and we look forward to seeing its future.”

This is Cox’s second closing within the last 90 days, having just represented the seller in the disposition of a 102,647 square-foot retail center located in a Federal Opportunity Zone. Matanky Realty Group specializes in these underserved markets, providing brokerage, development, management and construction services since 1955. According to CoStar reports, in 2018 the firm completed 81 retail leasing transactions totaling 338,566 square feet.

Terri Cox, Senior Vice President and leader for the brokerage arm, is a licensed real estate broker with over 30 years of sales and marketing experience. She has worked exclusively as a commercial real estate broker for over 25 years, representing the interests of developers, landlords and tenants. Cox’s efforts have allowed her team to be recognized as the Chicago Developer of the Year in 2000 and 2006. Individually, she has been awarded CoStar’s Power Broker of the Year in 2013, 2014, 2015, 2017 and 2018.