South Side mall near Obama Center asks $12.8M

A South Side strip mall near the site of the Obama Presidential Center has hit the market with a $12.8 million price tag.

The 66,000-square-foot retail mall, at 7540 South Stony Island Avenue, is anchored by a 20,000-square-foot K&G Fashion Superstore, the Chicago Business Journal reported. Gendell Partners 76th and Stony Island LLC hired Marcus & Millichap to market the property.

“Retail is still working its way back from the pandemic, but it is slowly improving,” Austin Weisenbeck, who is representing the sellers along with colleague Sean Sharko, told the outlet. “I am seeing a lot of out-of-town investors coming to Chicago to look for opportunities to buy retail properties like this one.”

The Stony Island shopping center, built in 1978, was renovated in 2008. It’s 98 percent occupied, with tenants that include Family Dollar and Citi Trends.

Plans to repurpose retail properties in the suburbs have been moving slowly, meantime. Brookfield Properties is revising redevelopment plans for the Northbrook Court mall in Northbrook. In Arlington Heights, officials are hesitant to approve a proposal to transform a 1980s-era shopping plaza into an apartment complex.

New York investment firm RPT Realty sold the Webster Place shopping center at Webster and Clybourn avenues in December at a discount of about 44 percent after scrapping a development plan for the struggling property. The Lincoln Park property, on the Clybourn Corridor, sold to Novak Construction for $29.3 million.

In Elgin, an affiliate of Jericho, New York-based Kimco Realty Corporation sold the Elgin’s Town & Country Shopping Center to a private investor who plans to close it. The 179,000-square-foot property at 308 South McLean Boulevard includes the Elgin Mall and a grocery store, Elgin Fresh Market, as well as a Family Dollar, Subway, Taco Bell and Aaron’s furniture store.

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— Victoria Pruitt