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]
