Business

Draper and Kramer closes on Park Ridge property

Posted May 19, 2017 1:00 am

PARK RIDGE - Draper and Kramer recently closed on the purchase of a 3-acre commercial development parcel at the corner of Greenwood Avenue and Busse Highway in Park Ridge.

Terms of the purchase were not announced.

The firm was self-represented in the transaction, while the seller, the American Society of Anesthesiologists, was represented by Paul Buckingham and Terry Alexa of Newmark Grubb Knight Frank.

Following the acquisition, Draper and Kramer sold a portion of the site to a developer for a luxury senior housing development. Jason Gustavson of Stone Real Estate is marketing the remaining commercial parcel on behalf of Draper and Kramer.

It is Chicago-based Draper and Kramer's second transaction in Park Ridge during the last year. In December 2016, Draper and Kramer sold a medical office building located at 101 S. Washington Ave., directly adjacent to Whole Foods. Danny Spitz and Greg Dietz of Baum Realty Group represented Draper and Kramer in the sale.

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