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Chicago Cheat Sheet: Pine Tree buys suburban shopping center for $33M … & more
Also, a sprawling Lake Bluff estate listed for $3.3M this week … before being quickly pulled off the market
Pine Tree, DRA buy Shops at Kildeer for $33M
A joint venture of Northbrook-based Pine Tree and DRA Advisors of New York paid $32.5 million for the Shops at Kildeer, a 171,000-square-foot shopping center in Kildeer. The purchase price was 20 percent less than what the mall sold for five years ago. It is 93 percent occupied, with tenants including Bed Bath & Beyond, Ulta Beauty, Michaels and Old Navy. [Crain’s]
Lake Bluff mansion briefly lists for $3.3M before being yanked off market
A massive lakefront mansion in Lake Bluff listed for $3.3 million this week … then was pulled off the market a day later. George and Susan Michael first put the 25,000-square-foot house on Shore Acres Drive on the market for $12.5 million a decade ago. A representative of George Michael would not say why the house was pulled off the market or when it might be listed again. [Crain’s]
Pullman Clock Tower getting new visitors center
A new visitors center is coming to the historic Pullman Clock Tower and Administration Building in the next two years. It’s part of a multimillion-dollar effort to revive the neighborhood now designated the Pullman National Monument, and the National Park Service is investing over $13 million in the restoration and adaptive reuse of the clock tower and administration building at 11057 South Cottage Grove Avenue. [Block Club]
One of the last remaining Dog n Suds drive-ins up for sale in Grayslake
The owner of the classic Dog n Suds drive-in in Grayslake is looking to sell after 23 years behind the grill. Chris Beckford is asking $850,000 for the 55-year-old business, and heard from about a dozen potential buyers after the first two days the sale notice was posted on Facebook. Once a chain of more than 600 locations in 38 states and Canada, Dog n Suds has only 11 remaining. [Daily Herald]
Mundelein tearing down homes and commercial building for park
The village of Mundelein hired a demolition company to tear down four homes and a commercial building that stand in the way of a planned municipal park. Delta Demolition will demolish the buildings, which run from 602 to 614 South Lake Street. Trustees voted this summer to buy the properties for $775,000. They also purchased the two-story Mundelein Apartments building at 516 South Lake Street for nearly $1.6 million. [Daily Herald]