Site Centers is unloading a big Lakeview retail property.
The publicly traded real estate investment trust picked up Mid-America Real Estate brokers to lure a buyer for the five-story building at 3030 North Broadway in the North Side neighborhood, CoStar reported.
The 132,000-square-foot asset is anchored by a Mariano’s grocery store. The listing follows the Beachwood, Ohio-based REIT’s acquisition of the property in 2017 for $81 million. That purchase price broke down to $614 per square foot.
Site Centers has been selling off properties that fall outside the strip mall category, after completing a spin-off last year focused on such assets dubbed Curbline Properties. In the past two years, Site Centers’ selloff totals at least $260 million in sales, including properties in Colorado Springs, Orlando and Brentwood, Missouri.
The seller did not disclose a sales price to the outlet, making it unclear as to what price tag the firm is expecting for the building.
But it won’t be Site Centers’ first sale of Chicagoland property in recent memory amid the firm’s pivot: last year it sold the Woodfield Village Green shopping center in Schaumburg for $93.2 million, or $221 per square foot, to a limited liability company linked to Seallte-based Bridge33 Capital. That deal marked the highest-priced retail property sale since the flagship Neiman Marcus store on Chicago’s Magnificent Mile changed hands for $94 million two years ago.
Not only is the Lakeview building 100 percent leased, but the terms are long for each tenant — a weighted average of 13.5 years — ensuring good revenue streams, according to Mid-America. Other than the Kroger-owned Mariano’s grocery anchor, the building includes a Starbucks, Club Studio, Fresh Dental and PNC Bank. A 271-space parking garage is also on the property and included in the purchase. The building was developed in 2016 on a lot that sat empty for a decade after another grocery store burned down at the location in 2005. — Eric Weilbacher
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