Chicago - Aug. 20, 2019
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Stanley's Market For Sale For Real

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 North Side neighborhoods for decades, the family has decided to sell the property as competition and redevelopment comes to the area.

stanleyssale.jpgAerial photo of the iconic Stanley's Fresh Fruit and Vegetables Grocery Store

"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 entryway 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 7,665 square-foot 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 Wabick at (773) 714-2141 or Nofziger at 1-800-607-6888.

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See also:

* Tribune: Popular Produce Market Stanley's Abruptly Closes; Real Estate Remains For Sale.

* CBS2 Chicago: Stanley's Fresh Fruits And Vegetables Closes; 'We Tried To Stay Open The Best We Could.'

* WBEZ: What Stanley's Closure Tells Us About Chicago Megaprojects.

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Comments welcome.



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Posted on July 26, 2019


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