Sep
07

New York Investor Acquires Retail Properties in Bucktown

September 07, 2012

new retail properties opens in bucktownJenel Management Corporation has been purchasing real estate in Chicago with ground-floor retail space in Bucktown. Jenel spent $9.8 million to acquire properties at the following locations: 1630 N. Damen, 1639 N. Damen, 1645 N. Damen, 1649 N. Damen and 1657-59 N. Damen.

Lately retail investors have been eager to snatch-up properties in dense Chicago neighborhoods where residents are looking to spend money. Wicker Park and Bucktown have strong demographics and stable rent, which means investors aren’t worried about any type of decline.

Jenel is ready to fill up the retail spaces, especially the 1649 Damen location, which is currently empty. But at least two new leases are currently in place at the other Damen Ave. locations. DAVIDsTEA, a Montreal tea dealer that specializes in loose leaf tea and tea accessories, will be opening this fall.

Scotch & Soda, a men and women’s clothing store is also slated to open. The new location will be the first Scotch & Soda store in Chicago. The Amsterdam-based company is known for their fashionable and occasionally edgy clothing.

Jenel also bought property at 1543 N. Milwaukee Ave. which includes 2,100 square feet of retail space and at 1480-1484 N. Milwaukee Ave. which includes storefronts and restaurants. The company is already making plans to seek out even more Chicago properties. In late June Jenel spent $5 million on a vacant lot at 9 W. Erie St. and plans on building a two or three-story retail space.

Will you be visiting the new stores in Bucktown?

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Jessica Thom

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