Greenstone Partners Closes on Lincoln Park Retail Property Traded for $12 Million

A local investment team has expanded its footprint in a busy pocket of Lincoln Park.

A venture of Chicago-based Honore Properties and Elmhurst-based Peerless Development paid $11.5 million for the 23,150-square-foot property at 821 W. Eastman St., according to an announcement from real estate brokerage Greenstone Partners.

The property is the venture’s third acquisition in that area in recent months. Its tenants include the British International School of Chicago, which has 17 years left on its lease, early education provider Bright Horizons and Hill Family Pet Care.

“We love that location and the area and are adding to our portfolio there,” Honore Properties founder Michael Shenouda told Crain’s.

The area near the North Branch of the Chicago River has become an increasingly popular spot for development since the city relaxed some zoning restrictions in the formerly industrial district several years ago.

“This property benefits from its position in a robust commercial corridor, and a rapidly developing housing market,” Greenstone Partners CEO and Managing Partner Danny Spitz, who represented the seller, said in a statement. “The city’s recent zoning changes have catalyzed a wave of residential development, finally allowing both residents and businesses to take full advantage of the area’s abundant amenities and transportation options.”

Nearby, Honore Properties owns 811 W. Evergreen Ave., a vintage loft office building that it plans to convert into 47 residential units. The firm also owns a four-story loft office building at 1415 N. Dayton St. Honore will be discussing its plans for that property with the local alderman soon, Shenouda said.