Edwards Realty Company has bought the Block 37 shopping mall in downtown Chicago for 30 million dollars. The buyer reports 65 per cent occupancy and plans to attract retailers, restaurants and experience-based businesses to the vacant space. The sale excludes the neighbouring office building and apartment tower, which have separate owners. The sale closed on October 6.
Edwards Realty Company, a real estate developer and property manager, bought the Block 37 shopping mall in downtown Chicago for 30 million dollars. The sale closed on October 6 and was announced on October 7. It transfers the retail property at 108 North State Street to a new owner. The neighbouring office building and apartment tower have separate owners and were excluded from the transaction.[1], [2]
The mall is 65 per cent occupied, according to the buyer’s information to Bisnow. Edwards is discussing the vacant space with retailers, restaurants and experience-based operators. The company plans to reposition the shopping centre, with potential occupants still under discussion.[1]
The first and second floors are intended to remain retail space; the vacant third floor is planned for entertainment uses.[2]
The mall opened in 2009 during the Great Recession. Following the original developer’s default, it was auctioned to Bank of America in 2011. Seller CIM Group acquired the property in 2012 for nearly 84 million dollars. The new transaction’s 30 million dollar purchase price is below that earlier amount. The property’s ownership has changed again as Edwards prepares its plans for the retail space.[1], [2]
