Paine Wetzel Commercial Real Estate and MWA Capital Advisors have been hired by the Panagiotaros family to publicly market the 1.05-acre former Stanley's Fresh Fruit and Vegetables property located at the corner of North Avenue and Elston Avenue on Chicago's North Side. After serving several Northside Neighborhoods for decades, the family has decided to sell the property as competition and redevelopment comes to the area.
“We want to thank our customers for over half a century of loyalty and graciousness,” said Peter Panagiotaros, son of Stanley's founder Stelios Panagiotaros. “With all the competition that's been coming to the area, we were just not doing the same volume we once were and have decided it is time to find a better use for the property.”
Ed Wabick, Principal of Paine Wetzel Commercial Real Estate, and Ken Nofziger, President of MWA Capital Advisors, are spearheading the marketing effort. “Our goal here is to maximize the value of the property for the Panagiotaros family by bringing a buyer to the table that sees the future potential of this property,” Wabick said. “This is a high traffic entry way from the Kennedy Expressway directly into the 55-acre redevelopment project, Lincoln Yards, and the proposed Salt District redevelopment.”
The Stanley's property totals approximately 1.05 acres and currently features a 7,665sq ft retail building and a cold storage building. With potential assemblage of adjoining parcels, the acreage increases to 3.67 acres.
“It is hard to put a price on a unique offering such as this, so we are publicly soliciting all qualified offers and will be considering price, terms and conditions,” said Nofziger. “The property has a wide range of potential future uses and could be redeveloped into retail, apartments, offices, medical or a multitude of other options.”
Individuals seeking additional information may visit stanleysnorthandelston.com or call Ed Wabick at 773-714-2141 or Ken Nofziger at 800-607-6888.
About Paine Wetzel Commercial Real Estate
Paine Wetzel Commercial Real Estate (PW) is a corporate real estate firm headquartered in Chicago. Since 1975, PW brokers have specialized in the leasing and disposition of office and industrial properties. The firm offers specialists in investment, transactions, consulting and project management who possess an unrivaled depth of local market knowledge, supported by the latest in technology. For more information, please visit www.painewetzel.com.
About MWA Capital Advisors
MWA Capital Advisors, a subsidiary of Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national real estate auction, marketing, and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa. For more information, please visit www.murraywiseassociates.com.