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Here are the Chicago area’s top retail investment sales of February
A long-vacant State Street building tops the list, which also includes a big-box Sears store in a suburban mall
A vacant Loop building and a suburban Sears store topped the list of the biggest retail investment sales in February.
More than $31 million was spent on the Chicago area’s top 5 priciest retail sales last month, according to a review of Cook County property records. That’s nearly identical to the amount spent on the top 5 retail sales of January, but it’s only a fraction of the $137 million spent in December’s five biggest buys.
February’s priciest retail acquisition was for the building at 114 South State Street, a six-story commercial building that’s been vacant for nearly three years. Coming in second was the Sears store at Chicago Ridge Mall, the bankrupt retailer Chairman Edward Lampert is trying to revive in part by buying its real estate.
In a sign of the times for the retail industry, vacant storefronts have landed among the top 5 retail sales since December, including two shuttered Toys “R” Us stores and a former restaurant in Lincoln Park.
1. 114 South State Street | $9.1 million
Schaumburg-based North American Real Estate bought this six-story building in the State Street shopping district for $9.1 million. Despite its prime location, the building has sat vacant for nearly three years. The company plans to market the first three floors for retail while using the remaining floors for offices or corporate house. The building was bought from a trust.
2. 6501 West 95th Street, Chicago Ridge | $8.4 million
Edward Lampert’s ESL Investments paid $8.4 million for the Sears store within Chicago Ridge Mall. The sale was part of Lampert’s efforts to save the struggling retailer, which filed for bankruptcy in October. The Chicago Ridge store was one of the few area Sears that survived being shuttered at the end of 2018.
3. 3516 North Spaulding Avenue | $6.3 million
Rock climbing gym First Ascent sold its Avondale location to Arizona-based retail investor Store Capital. The Avondale location is First Ascent’s first outpost in Chicago; it now has four gyms in the area. Selling the building was First Ascent founders Dan Bartz, Jonathan Shepard, Joseph Zentmyer and David Hudson, records show.
4. 910 Biesterfield Road, Elk Grove Village | $4.6 million
Store Capital’s second acquisition on the list is this supermarket in suburban Elk Grove Village, which the investor picked up for $4.6 million. Selling the property was Bryan Rishforth, founder of R&R Global Partners, a commercial real estate investment firm from Pennsylvania.
5. 300 Golf Mill Center, Niles | $3.3 million
A trust picked up this single-story commercial building in a strip mall for $3.3 million. Selling the building was the Sterling Organization