June 4, 2021 – Dan Tilsner of Horvath & Tremblay has successfully completed the sale of the entire first floor (condominium interest) of Park Place Tower in Chicago, Illinois. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,200,000.
Park Place Tower is located at 655 W Irving Park Road in Chicago, Illinois. Park Place Tower was originally built in 1971 and was renovated around 2000. The renovations included a change in designation from apartments to high end condominiums. At 56 stories and 530 feet with 901 condominium units, Park Place Tower boasts the tallest residential building in Chicago outside of the downtown area. The 1st floor Retail space totals 6,265 square feet of gross leasable area and is currently 57% percent occupied by long term tenants such as Park Place Market, Foremost Dry Cleaners, and Chicago House Realtors. These tenants take advantage of the 901 condo units in the building that frequent their businesses daily, in addition to the surrounding neighborhood which has direct and keyless access to these businesses. Park Place Tower is located in the North Side community of Lakeview, Chicago’s largest community within the city. The site is well-located with convenient access to downtown Chicago, Lake Michigan, and Wrigley Field. It is situated along W Irving Park Road (18,666 vehicles per day) with direct access to Lakeshore Drive (101,386 vehicles per day). The building is just a short walk from the lakefront, with its beaches, harbors, tennis courts, golf course, driving range and jogging and bike paths. Park Place Tower is centrally located near restaurants, art galleries, clubs, pubs, antique stores, boutiques, supermarkets, theaters, and concert venues. The building also has easy access to public transportation with CTA bus service just outside the building and elevated train stations a couple blocks away. Irving Park Road is a direct route to the Kennedy Expressway (Interstate 90), and Lake Shore Drive has an exit and entrance ramp just east of the building.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.