Another big development may be on the horizon for Logan Square. The Milwaukee Avenue home of Hollander Storage & Moving Company is now formally listed on the commercial market for sale. Located at 2418 N. Milwaukee Avenue, the large five-story masonry structure has for decades been a prominent staple of the Logan Square area for its height and location adjacent to the Blue Line ‘L’ tracks and the busy Fullerton and Milwaukee intersection.
A brochure from the commercial brokerage Newmark Knight Frank lists the building as a redevelopment opportunity, featuring nearly 27,000 square feet of useable space. In addition to the building itself, the property also includes a small surface parking lot on Milwaukee Avenue which broker Dominic Soltero of NKF suggests could be redeveloped. The total land area for sale comes in at 11,000 square feet of prime Milwaukee Avenue and Fullerton frontage in the heart of Logan Square.
Logan Square has had a number of major new developments proposed in recent years, and the redevelopment of the old Hollander Storage building is likely to be the next. Last week, DNAinfo revealed that the Hollander family had decided to list the property for sale for a likely redevelopment. Now that the building is formally on the market, it is could be a matter of months until a new plan for the property emerges. However, residents shouldn’t worry about a demolition of the hulking brick building according to Soltero. The building is being positioned as a redevelopment opportunity, possibly for a number of different uses like condos or office space, Soltero suggests.
And in terms of the price tag, Soltero says that it’s subject to offers. However, when considering comps from nearby commercial properties and vacant land sales around the Bucktown and Logan Square area, the firm estimates that the Hollander property could ultimately fetch a price in the $7 million to $8 million range.
The Hollander isn’t the only commercial property along Milwaukee Avenue in play at the moment. Several sites along the busy road in Avondale are currently up for sale and possible redevelopment. Meanwhile, back in Logan Square, construction has finally started on a new six-level, 138-unit apartment block and groundbreaking is expected any moment for the new Logan’s Crossing mixed user which is replacing the old Mega Mall indoor flea market.