Block 37 Retail Component Heading To Market
CIM Group hired Eastdil Secured to market the retail component of Block 37 to prospective buyers, the latest chapter in an amazing turnaround for a property with a long history of trouble.
When CIM bought the 209k SF mall in 2012, it was only 30% occupied. Today, Block 37 has solid anchor tenants in AMC Dine-In Theatres at Block 37 and Latinicity, while CIM and Golub delivered the 690-unit Marquee at Block 37 above the shopping center in June, a significant step in downtown Chicago's transformation into a 24-7 live/work/play destination.
Given Block 37's turnaround and a sizzling retail real estate market in the downtown core, bids for the center are expected to reach $200M, Crain's reports. CIM Group has been one of the busiest developers in Chicago this year. The firm bought Tribune Tower in August and 440 South LaSalle in April. [Crain's]