(Downers Grove, Ill.) – Holladay Properties, a South Bend, Ind. –based commercial real estate firm, has closed on the acquisition of a 13,620 square foot commercial/office building located at 5100 Forest Avenue in Downers Grove, Ill. Hinsdale Bank & Trust served as the lender for the purchase and Nick Peters of CBRE represented both the buyer and seller.
Holladay’s Northwest Indiana division, which covers the Chicago MSA, will lead the redevelopment of the site. The facility, a former bank building, is located on approximately one acre of land at the intersection of Forest Avenue and Gilbert Avenue and has been re-dubbed “Burlington Station” by the developers. Drew Mitchell, VP – Development for Holladay Properties has been selected to serve as Project Manager.
“Holladay Properties is thrilled about the opportunity to redevelop this parcel in downtown Downers Grove,” said Mitchell. “The Village of Downers Grove has a rich history and we are excited to be a part of the continued growth and development of Downers Grove.”
The area’s strong demographics, flexible zoning and vibrant downtown presence attracted Holladay to the project while providing the site a competitive advantage offering multiple uses. While plans are still being finalized for the property, Holladay has begun evaluating and marketing the site in earnest.
“This particular site affords a myriad of development opportunities and we have already begun the process of exploring development opportunities with Village staff,” said Mitchell. “Furthermore, we are experiencing strong interest from retailers as well as other developers who are interested in the premium downtown location that offers substantial parking, traffic and visibility coupled with immediate accessibility to the Metra express line to Chicago.”
Holladay expects to finalize a development plan and begin construction on the site by the end of the year.