580 N Milwaukee Avenue in Prospect Heights, IL had been in distress for some time after a fast food tenant vacated the property. Given some of the success we’ve had turning around distressed assets over time through leasing, it was a building we were monitoring for redevelopment as it went to auction. While the location for retail was favorable, issues with flooding in the past and neglected maintenance had gotten the building to an undesirable point for potential new tenants. When it failed to sell at auction, there was a very small window to act.
We saw potential in the building despite its troubled circumstances. High traffic counts directly on Milwaukee avenue, along with an ideal commercial and residential mix in its immediate surroundings, we had a sense that a number of retailers we work with would take serious interest.
A meeting with the village was productive and well-received. A regional lender was available for the construction loan. The municipality, meanwhile, had been making improvements to the area including building levees to address the flood plain issues. This assembled team was able to work quickly to begin the restoration process of the property.
The quick and effective partnership of all involved parties allowed us to deliver the unique, turn-key opportunity that will become a flagship location for Nashville Hot Chicken restaurant chain, Fry the Coop. TWe are proud to have joined the talented and hard-working people that helped build a legacy for Fry the Coop and the community.