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Here are the Chicago area’s top 5 retail sales of January
More than $30 million was spent on the five biggest retail investment deals of the month
A California investor’s purchase of a Park Ridge Walgreens topped the list of the five biggest retail investment deals in January.
More than $30 million was spent on the top five acquisitions in January, a fraction of the $137 million spent in December’s five biggest retail buys, according to a review of Cook County Property records.
Two of the sales were for vacant storefronts, including a shuttered suburban Toys “R” Us and the former home of HopCat bar in Lincoln Park. The other deals were for buildings anchored by national chains, including Walgreens, Starbucks and Panda Express.
All prices are calculated from Cook County property records.
1. 800 Devon Avenue, Park Ridge | $12 million
California investor Marilyn Gantz picked up this suburban Walgreens two years after the strip mall where it’s located was redeveloped. In 2016, the Gillick family redeveloped and subdivided their namesake shopping center, later listing the new Walgreen’s building for $12.2 million. Walgreens has a lease on the building through 2036.
2. 3000 West 26th Street | $6.5 million
Chicago-based GW Properties sold this 14,000 square-foot Little Village retail strip on Jan 21. It was delivered in 2017 and is fully leased by Panda Express, Loya Insurance, Oak Street Health and Dental Town, according to LoopNet. Picking up the property was Dennis Wolter, owner of LBM Realty, property records show.
3. 2920 West Euclid Avenue, Arlington Heights | $4.4 million
A trust paid $4.4 million for this 18,000-square-foot suburban retail center on Jan. 7. Delivered in 2007, the complex is fully leased with a Starbucks, Subway, hair salon, liquor store and two restaurants, according to LoopNet. Selling the center were longtime development partners David Trandel and Richard Cavanaugh.
4. 45 Orland Square Drive, Orland Park | $4.3 million
This shuttered big box is one of the 800 storefronts that Toys “R” Us vacated in 2018. Chicago-based Key Development Partners bought the 4,000-square-foot building on an Orland Square Mall outlot. The sale closed on Jan. 16, the same day the nearby Babies “R” Us store sold to Klaff Realty partners for $1.3 million.
5. 2577 North Clark Street | $3.7 million
A trust picked up this Lincoln Park building that was the former home of HopCat bar for $3.7 million. The deal closed on Jan. 8, and the bar closed Feb. 4. The bar’s manager said it had “picked the wrong location,” according to the Chicago Tribune. Selling the property was Phil Slovitt and Sam Ankin, co-founders of Northpond Partners.