Baker Development hopes to cash in on Lincoln Yards buzz

The Chicago firm is hoping to get $100M for the 187K-sf complex

Chicago /
Jun.June 05, 2019 09:00 AM
Elston Avenue retail complex and Baker Development President Warren Baker

Elston Avenue retail complex and Baker Development President Warren Baker

Baker Development is hoping to cash in on the buzz surrounding the Lincoln Yards megadevelopment on the North Side with the sale of a Bucktown retail complex.

The Chicago firm is hoping to get some $100 million for the 187,000-square-foot Elston Retail Collection on Elston Avenue between Armitage and Webster, according to Crain’s.

The complex sits just west of the site of Sterling Bay’s 55-acre project and is anchored by Best Buy and Kohl’s.

HFF’s Amy Sands and Clinton Mitchell are marketing the property, and they’re pitching it not only as a retail pickup with solid tenants but also as a possible redevelopment opportunity along the Kennedy Expressway.

Kohl’s lease runs until 2030 with rent increases every five years, while Best Buy’s lease expires in 2026, according to a Bloomberg loan report cited by Crain’s. The property generated $6 million in net operating income last year, according to the report.

Baker bought the 11-acre site in 2004 and developed the retail properties by 2006, taking out a $66.8 million mortgage in 2012 when the property was appraised at $89.1 million.

Baker already is cashing in on the development boom along the North Branch of the Chicago River with its the 2017 North Mendell office project in the Lincoln Yards footprint. [Crain’s] — John O’Brien

 

Related Articles

arrow_forward_ios
NY real estate investment firm sells Oak Street property for $120M
NY real estate investment firm sells Oak Street property for $120M
NY real estate investment firm sells Oak Street property for $120M
UBS shops Neiman Marcus building on Mag Mile
UBS shops Neiman Marcus building on Mag Mile
UBS shops Neiman Marcus building on Mag Mile
Renderings of the medical and creative facility (Lincoln Yards)
Construction set to begin this month on first Lincoln Yards building
Construction set to begin this month on first Lincoln Yards building
DL3’s converted South Side Target store fetches $20M
DL3’s converted South Side Target store fetches $20M
DL3’s converted South Side Target store fetches $20M
717 N Michigan and Acadia’s Christopher Conlon (Acadia, LinkedIn via Conlon)
Disney Store departs Mag Mile, leaving Acadia’s prime retail corner vacant
Disney Store departs Mag Mile, leaving Acadia’s prime retail corner vacant
Kite Realty CEO John Kite and RPAI CEO Steven Grimes (Getty, Kite, RPAI)
Kite Realty to acquire Retail Properties of America for nearly $3B
Kite Realty to acquire Retail Properties of America for nearly $3B
Abt Electronics co-presidents Mike and Jon Abt and a rendering of the Abt Electronics warehouse in Glenview (Abt, McShane Construction) 
Abt Electronics expands warehouse to 800K sf
Abt Electronics expands warehouse to 800K sf
Albert Friedman and the Medinah Temple (Friedman Properties)
New River North retail venue and food hall won’t be a flash in pan
New River North retail venue and food hall won’t be a flash in pan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...