Pierce Tavern building sold in downtown Downers Grove
DOWNERS GROVE - A private investment group represented by JBS Commercial Real Estate has acquired a historic landmark building on Main Street in downtown Downers Grove. The purchase price was approximately $2.5 million, JBS said.
The two-story building at 5131-5135 Main St. is a mixed-use property totaling about 9,300 square feet of space. Anchoring the ground floor retail space is Piece Tavern, which occupies 3,161 square feet. Style Studio occupies the adjacent 1,218 square feet of space.
The second floor space now features a mix of eight studio and one-bedroom apartments but offers the ultimate full-floor flexibility. The new owner is evaluating the highest and best use for the space. It could remain as apartments that could be modernized, or it could be converted to commercial office space totaling approximately 4,600 square feet, JBS said.
The property is situated in Downers Grove's Central Business district at the northeast corner of Main and Curtiss streets. It is one block from the Metra Station, which is a significant benefit for the owner and tenants.
"The building is in a great suburban location, which will be especially beneficial in a post-COVID world," Jason Shibata, a Principal and Founder of JBS Commercial Real Estate said. "The investor views that strength, along with the flexibility of uses for the second floor, as a great opportunity to acquire the property."