Chicago ultra-luxury homes see major price cuts, more Sears closings: Daily Digest

A daily roundup of Chicago real estate news, deals and more for August 7, 2019

TRD CHICAGO /
Aug.August 07, 2019 05:00 PM

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City’s priciest home listings see price cuts. The Lincoln Park mega-mansion isn’t the only ultra-luxury listing taking a significant price cut. Many of Chicago’s priciest homes have seen price slashes recently, including a No. 9 Walton unit relisting at $10.7 million from $13 million and a Lake Shore Drive mansion seeking $9 million from $15.6 million. [Chicago]

 

Union Station is adding a food hall. The Goettsch Partners-led redevelopment of Union Station will become just the latest Downtown property to include a food hall. The redevelopment is part of a larger project led by Riverside Investment and Development that will include a 50-story office tower on a former train station parking lot. [Curbed]

 

More Sears stores are closing. Sears in Bloomingdale and Merrillville, Ind., will close this October, leaving Illinois with just five locations of the Hoffman Estates-based department store chain. After buying the company out of foreclosure in February former Sears CEO Eddie Lampert said the move will help the chain pivot to smaller stores. [Chicago Tribune]

Chicago reigns as rat capital. Though rat complaints were down in 2018, The city still retained its status as having the largest rat infestation. The city fielded over 40,000 rodent complaints last year, which is two-and-a-half times as many as in New York City. [Curbed]

 

Sterling Bay offloads Fulton Market HQ. The local developer has found a buyer for its 300,000-square-foot offices, which it listed in April. German firm Commerz Real will pay $175 million for the property. [TRD]

 

Mr. DeMille, WeWork is ready for its close-up. The We Company was reported to have sought a deal for a “Shark Tank”-like show with NBC. CEO Adam Neumann also sought to draft an ad campaign helmed by Martin Scorcese. [TRD]

 

DuPage County site bought for warehouses. Chicago-based Logistics Property Company acquired 15 acres in Addison with plans for two warehouses. The assemblage was one of the last remaining sites in the red-hot industrial market near O’Hare Airport. [TRD]

 

Sterling Bay to offload Fulton Market headquarters. After marketing the building for sale this spring, the developer of the Lincoln Yards megaproject will sell its 290,000-square-foot offices to German Commerz Real for around $175 million. The sale would be the biggest commercial deal of 2019 in what has been a sleepy year for office investment sales. [Crain’s]

 

Orland Park leads nation in homeownership. The upscale south suburb has 89.2 percent of its residents in owner-occupied homes, according to a new survey. Nearby Tinley Park ranked No. 12 with an owner-occupied rate of 83.3 percent. [Daily Southtown]

 

Lendlease unveils new Southbank amphitheater. The 2.5-acre Southbank Park, next to the Cooper, a 452-unit apartment building, was designed by Hoerr Schaudt Landscape Architects and was built with limestone blocks that were used as the foundation of the city’s former Grand Central Station. [Curbed]

 

Walgreens to shutter 200 stores nationwide. The Deerfield-based drug store giant has not said which stores will close, and added that employees and patients will face minimal disruption by being shifted to other locations. Walgreens is seeking to cut $1.5 billion in costs and will also close 200 stores in the United Kingdom. [Chicago Tribune]

 

SoftBank’s Masayoshi Son is banking that his firm can offload Sprint in a merger with T-Mobile. The mobile carrier has been a thorn in the side of SoftBank, and racked up $47 billion in debt. He said Wednesday that shedding Sprint will allow him to focus on Softbank’s Vision funds, valued at $200 billion. [Bloomberg]

 

National Rifle Association chief Wayne LaPierre sought investment from the firm’s former ad agency to buy a $5 million Dallas mansion. The deal, which ultimately didn’t pan out, emerged in a probe by the New York Attorney General’s office into the group’s operations. [WSJ]


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