Background:
Lavelle Law represented the owner of prime commercial land in Chicago’s highly desirable Ukrainian Village neighborhood in a $7.5 million sale to its long-term grocery store tenant. The transaction involved the sale of the underlying real estate and land parcels. Located in one of Chicago’s most vibrant and rapidly appreciating communities, this strategic land sale enabled the seller to successfully monetize a significant long-term holding while providing the buyer with an excellent site for further development or expansion.
Challenges:
The deal was particularly complex due to the involvement of multiple land parcels held in separate land trusts. This structure required the preparation and coordination of numerous deeds, multiple signatories, and the resolution of various title-related matters. In addition, the transaction had to satisfy specific requirements imposed by the City of Chicago, adding further layers of scrutiny and documentation.
Result:
Despite the intricate title work and municipal requirements, Lavelle Law successfully navigated all obstacles, enabling the transaction to close two full weeks ahead of the anticipated schedule. The accelerated closing delivered significant value to the client by allowing them to realize their investment goals sooner while minimizing holding costs and uncertainties.
Kelly A. Anderson
Shareholder
“It’s always a little stressful when all parties decide they want to close a large transaction earlier than planned and there are multiple title hurdles to closing. But we were able to get it done, and the client was extremely happy we made it happen.”
Contact Kelly Anderson to discuss your legal needs.
847-705-7555 or kanderson@lavellelaw.com.
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