Iowa pension system buys South Loop strip mall for $50M

Tucker Development bought the strip mall in 2005 for $36 million

Tucker Development CEO Richard Tucker and the strip mall
Tucker Development CEO Richard Tucker and the strip mall

The Iowa Public Employee Retirement System bought a South Loop strip mall for $50 million.

Tucker Development sold the 125,000-square-foot strip mall at 1254 South Canal Street, according to Cook County records. The Iowa pension system invests about 7.5 percent of its funds in private real estate assets, according to its website.

Chicago-based Tucker bought the mall in 2005 for $36.25 million. The strip mall is anchored by a Jewel-Osco grocery store and has 500 parking spaces.

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In May, Tucker joined with Sears’ real estate offshoot to redevelop the final two operating Sears stores in Chicago, turning the big boxes into mixed-use properties with retail and residential space.

The firm is partners with Related Midwest on a proposed condo tower at 900 West Randolph Street in Fulton Market.

The South Loop strip mall is on the western end of South Loop, which has seen a boom in residential development. It’s just across the river from The 78, Related Midwest’s ambitious plan for a 13 million-square-foot mixed-use development in the South Loop.

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