Chicago’s Kingsbury Center Retail Listed for $22 Million

A Chicago shopping center that recently landed a national trampoline park tenant is up for sale with a pitch for long-term upside.

Los Angeles-based Westwood Financial listed Kingsbury Center for $21.89 million after backfilling a former Buy Buy Baby store with a Sky Zone trampoline park and holding onto PetSmart as a co-anchor, CoStar reported.

The nearly 54,000-square-foot retail center at 1415–1435 North Kingsbury Street is being marketed as a stabilized investment and a potential long-term redevelopment play.

Greenstone Partners brokers Danny Spitz and Arjav Patel are marketing the listing with an asking price of about $405 per square foot. That’s well below the $27.7 million, $513 per square foot Westwood paid in 2017 but significantly higher than its likely valuation after Buy Buy Baby closed in early 2023, just before parent company Bed Bath & Beyond’s bankruptcy.

Sky Zone leased the 35,000-square-foot anchor space last year as part of its broader national expansion. Sky Zone and PetSmart have lease extension options with 10 percent rent bumps, according to the offering.

With a weighted average lease term of 6.8 years, brokers are framing the deal as a “covered land play,” noting the site’s 2.33-acre footprint sits within the Clybourn Corridor, where zoning has been loosened in recent years to allow for more residential density, though any residential move at the site would still need rezoning.

Nearby redevelopment examples include the 327-unit Foundry tower at 1475 North Kingsbury Street, which just received $135 million in refinancing, and a 272-unit high-rise planned by ZSD at 1333 North Kingsbury. Parcels along Kingsbury Street, including the longtime Carbit Paint property, have also hit the market with a similar value proposition: cash flow today, redevelopment tomorrow.

— Judah Duke