Chicago's Block 37 Mall is up for sale by Los Angeles-based investment firm The CIM Group, according to a report by CoStar. Located in the heart of downtown, the retail hotspot is home to notable tenants Zara, Sephora, AMC Theater, and Magnolia Bakery.
This is the second time the CIM Group has listed Block 37 for sale, after failing to sell the property at 107 N. State Street in 2016, according to Crain’s. The firm reportedly purchased the mall from Bank of America in 2012, at a time when the bank had foreclosed on the space.
The group increased occupancy from 30% at the time of that sale to 70% as of 2023. The group also added an apartment complex above the building, known as the Marquee at Block 37. The apartment complex is reportedly not included in the sale of the mall.
The sale of Block 37 comes at a time when rising interest rates and inflation have caused sluggish nationwide sales in the real estate market. The State Street corridor has experienced increased retail vacancies since the pandemic.
However, new real estate projects like Google’s renovations of the Thompson Center and the planned Assemble Chicago Building aim to revitalize the area. Its location and list of noteworthy tenants could make Block 37 a prime investment as the Loop continues its pandemic-era rebound.
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