A 60-year-old strip mall close to O’Hare Worldwide Airport modified fingers for the primary time within the property’s historical past.
Schorsch Forest View LLC bought the Forest View Procuring Heart, at 4734 North Cumberland Avenue for an undisclosed worth, the Chicago Enterprise Journal reported. The 69,000-square-foot property is 96 p.c occupied and anchored by Jewel-Osco.
Michael Horne with Newcastle Properties represented an unknown purchaser he described as “a sequence of carefully held tenants in widespread c/o Newcastle Properties LLC.”
Along with the 51,000-square-foot Jewel-Osco retailer, different every day wants tenants embody The UPS Retailer, Weight Watchers, a greenback retailer, nail salon and dental workplace.
Vacant anchor retail house within the Chicago space dropped 16 p.c to 13.2 million sq. ft this yr from its 2020 peak of 15.7 million. Regardless of that, the anchor emptiness fee continues to be 60 p.c larger than in 2016 and rents have dropped to a median of $9.53 per sq. foot, down from the latest peak of $12 in 2017.
In July, Irvine, Calif.-based Sperry Equities purchased The Landings buying heart within the southwestern Chicago suburb of Bolingbrook from a enterprise of Atlanta-based RCG Ventures. The buying heart at 137 North Weber Highway, 91 p.c leased on the time of the sale, is anchored by PetSmart, OfficeMax, Planet Health and Trendy Furnishings, with Residence Depot and Meijer as shadow anchors.
The suburban retail market has been a wrestle for some. In April, Starwood Capital took a steep loss on one other Bolingbrook buying heart. A enterprise of M&J Wilkow and Bixby Bridge Capital purchased $30 million of debt tied to the Promenade Bolingbrook buying heart at 631 East Boughton Highway and subsequently took possession of the property.
A Skokie mall that managed to keep away from dropping main tenants because the retail market struggled additionally took a success lately when Bloomingdale’s introduced that it was closing its retailer there.
— Victoria Pruitt