CBRE Brings Webster Place in Chicago’s Lincoln Park to Market

CBRE announced it has been retained as the exclusive agent for the sale of Webster Place, a 136,130-square-foot, newly renovated healthcare and retail center in Chicago’s Lincoln Park neighborhood.

CBRE’s Midwest National Retail Partners team, comprising Michael Wilson, Michael Kaider, Christian Williams and George Good, is marketing the Property for sale on behalf of the local owner, Novak Development.

Webster Place, situated on 4.27 acres at 1471 West Webster Ave., features a two-story commercial building with surface and garage parking on site. It will soon be fully occupied by three tenants, including Advocate Health Care (75,970 square feet), the third-largest nonprofit healthcare system in the U.S., who is slated to open in Q1 2025. The two other tenants include a strong performing JPMorgan Chase Bank branch and a Regal Cinema both of whom have long operating histories at the Property. There is an additional parking deck and lot included on the south side of Shakespeare Avenue. In total, there are 611 garage and surface parking spots, a rare amenity for the area.

"Webster Place represents an exceptional piece of real estate that continues to evolve and get better over time. Adding Advocate Health Care, promptly after the prior tenants vacated, demonstrates the tenant demand for well-located properties with excellent visibility and convenience." said Michael Wilson, Vice President, CBRE. "The Property’s dedicated parking, strategic corner location, and Lincoln Park address will make it a strong performing property for decades to come.”

The Property is located at the southwest corner of Webster and Clybourn avenues, two major thoroughfares serving the Lincoln Park neighborhood.