CBRE brokers Naperville deal

 
Daily Herald Report
Updated 10/8/2018 2:17 PM
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CBRE has brokered the sale Fifth Avenue Station, a mixed-use property consisting of 118 loft-style apartments and 94,422 square feet of commercial space, in Naperville.

Dan Cohen and John Jager of CBRE represented the seller, the sale to San Francisco-based Friedkin Realty Group, Inc and Bridge Capital Partners, Inc, their second acquisition in Naperville.

Constructed in 1918, the building is a former Kroehler Furniture factory, which is now listed on the National Registry of Historic Places. It underwent an adaptive re-use renovation from 1986-88, including extensive interior and exterior work. Both the apartment homes and office component are near 100 percent occupied. The property is within walking distance to Naperville's Metra station and vibrant downtown and it offers amenities such as a grand community room, a fitness center and a rooftop deck with grilling stations.

A city-owned parking lot adjacent to the property is currently being redeveloped to include new restaurant options and an improved streetscape.

"This property is in a fantastic location and has been a proven, long-term asset in this vibrant market," said CBRE's Cohen. "As more development is planned for the immediate surrounding area, it should become even more desirable and remain one of Naperville's premier properties for years to come."

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