Shopping center near Wrigley Field asks $36M

The developers who replaced a popular Taco Bell near Wrigley Field with a four-story retail building are looking to cash in.

The venture led by Benjamin Cohen and Elliot Berman hired JLL to sell the 58,800-square-foot property at 1111 West Addison Street, Crain’s reported. The building is asking $35.7 million.

“We’ve got all brand-new leases on it, and it seems like the best time to sell the property,” Cohen told the outlet.

The property, less than a block from the baseball park, is 95 percent occupied. Tenants include Movement climbing gym, Chase Bank and Culver’s. Taco Bell fans can get their Crunchwrap Supremes at another storefront in the shopping center.

The property generates a net operating income of about $1.8 million, so a sale at the asking price would generate a first-year return of 5 percent.

Cohen and Berman bought the site for $8.9 million in 2017 and took out a $22 million loan to finance construction on the project in March 2020, just as the pandemic hit. Despite the risky timing, the developers had already secured three leases. Cohen said baseball’s pandemic-sparked shutdown led to lower traffic, making construction easier.

The developers are optimistic, given the building’s location. “Wrigley Field’s not going anywhere,” Cohen told the publication.

Read more

Chicago

KennMar to renovate mostly vacant CityPark shopping center

— Victoria Pruitt