A gas station situated prominently at the corner of Harlem and Madison streets has closed and, following months of advertising, the location is expected to change hands in the near future.
Steven Monroe, a Chicago real estate broker representing the owner of the property, said a deal is at hand, though he declined to name the prospective buyer. Shell Oil has held a lease agreement with the owner of the property as part of a joint venture with Texaco Inc.
When the site went on the market this summer, Monroe’s office advertised the property as being available for a sublease agreement with Shell Oil. That arrangement may be changing thanks to an outright sale of the property.
“The site is being sold, but there’s not much more I can say about that,” Monroe said.
Monroe also declined to identify the property’s owner.
At the end of October the Shell gas station that has occupied the 7201 Madison St. address was closed and the pumping stations removed. Advertising efforts to find a new tenant have included the caveat that competing petroleum companies need not apply.
Village Administrator Mike Sturino said it is his understanding the convenience store and other structures on the site will be demolished. Sturino, though, said the village is not aware of any development plans or prospective tenants.
In June, Mayor Anthony Calderone said a national pharmacy chain expressed an interest in the property and that village staff were asked to see whether that use squared with local zoning codes. No formal plans were ever submitted. Village officials have also said that a mixed-use property might be ideal for the corner lot.
“That’s a significant gateway feature to our community,” Sturino said.