A prominent Jewish cemetery on the Northwest Side of Chicago has changed hands after the previous owner could no longer operate and maintain the 50-acre property, according to the new owner. Get the full story »
Filed under: Commercial real estate
An ambitious plan to prevent “Fail Whales,” the cartoon icon that greets frustrated Twitter users during network outages, turned into a fail whale of its own.
A new, custom-built facility in Utah to house computers that power the popular messaging service by the end of 2010 has been plagued with everything from leaky roofs to insufficient power capacity, people familiar with the plans told Reuters. Get the full story »
Macy’s is undertaking a multimillion-dollar renovation of its Water Tower Place store in a move to bring new life to the Magnificent Mile outpost.
The department store chain is concentrating its efforts on the first three floors, where it generates most of its business. Cosmetics, women’s accessories, shoes and intimate apparel account for 36 percent of total revenue at Macy’s Inc. nationwide, according to the company’s annual report filed this week.
The last time the eight-level, 227,000-square-foot store had a makeover was in 1996 when it was a Marshall Field’s. Get the full story »
Block 37, the star-crossed shopping center in the Loop, was sold at a sheriff’s auction Wednesday to Bank of America for $100 million.
The sale means Bank of America will take title to the four-level mall at 108 N. State St., officially ending Chicago-based developer Joseph Freed and Associates’ ownership of the property.
In December, Cook County Circuit Court Judge Margaret Ann Brennan ordered Freed to surrender the retail center to a group of lenders led by Bank of America, bringing to a close a more-than yearlong effort to foreclose on the mall. Get the full story »
From Chicago Real Estate Daily | Gourmet grocery store Fox & Obel could face eviction from its Streeterville location after falling more than four months behind on rent. The receiver for the former North Pier Terminal filed a petition in Cook County Circuit Court on Jan. 26 seeking possession of the nearly 22,600-square-foot space occupied by Fox & Obel, alleging the grocer had missed rent payments totaling about $330,600. Get the full story>>
By Joseph Ruzich | A beverage company planning to build a 600,000-square-foot distribution center on the former Sportsman’s Park racetrack site in Cicero will receive $9.7 million in tax increment financing funds, according to an ordinance approved by Cicero trustees at Tuesday’s town board meeting.
Cicero officials said Wirtz Beverage Illinois, one of the state’s largest beverage-alcohol distributors and part of the family-run corporation that owns the Chicago Blackhawks, will receive the funds from the town through rebating a portion of the company’s taxes. Get the full story »
Carson Pirie Scott’s corporate parent is suing Joseph Freed and Associates, accusing the developer of breach of contract for missing a $3 million payment promised to the retailer for exiting its flagship State Street store in 2007.
McRIL LLC, an entity associated with Carson parent Bon-Ton Stores Inc., claimed in a lawsuit filed Friday in a Chicago federal court that Freed and One South State Street LLC missed the final payment of a $22 million lease termination fee that was due March 1. Get the full story »
From REJournals.com | 35 North State Street, the 60,000-square-foot building on the corner of Washington Street in Chicago, has been acquired by The Georgetown Company for $23 million.
Magnolia Bakery, the New York chain credited with starting the cupcake craze, plans to open its first Chicago store at the Block 37 shops in the Loop. The bakery signed a lease for 2,550 square feet on the first floor of the indoor shopping mall. The shop is slated to open in June. Get the full story »
PNC Bank, the Chicago area’s fourth-biggest bank, is stepping up its profile in downtown Chicago.
The Pittsburgh-based bank, which now occupies about 80,000 square feet at One North Franklin, has signed a new lease that will increase its presence at the Tishman Speyer property to 116,000-square-feet over the next two years, with a term extension until 2022. Get the full story »
Crain’s Chicago Business | Milwaukee-based supermarket chain Roundy’s has signed deals to bring three of its upscale Mariano’s stores to Chicago. They will be in the West Loop, Uptown and Palatine. The Palatine outlet is scheduled to open next year.
First Midwest Bank, which has grown into one of the area’s biggest banks without a presence in downtown Chicago, confirmed that it plans to set up shop for the first time in the city’s central business district.
The bank told the Tribune that it plans to open an office in a LaSalle Street building in the Loop in early April. It’s not divulging the address until a lease for the property, which has 3,500 to 4,000 square feet, is signed, which should occur “shortly,” a bank spokesman said. The office will handle commercial banking, cash management and trust services, he said. Get the full story »
The new chief executive of General Growth Properties Inc. said the company plans to sell some malls, cut debt and expenses and raise occupancy rates and some rents to boost income and put its bankruptcy behind it.
Sandeep Mathrani, who has been the CEO of the No. 2 U.S. mall owner for about 40 days, said Tuesday that he expects to reduce the number of malls the company owns to 150 from 169. It plans to sell the 19 other malls, which contribute a minimal amount to its income. The company had more than 200 malls before it filed for bankruptcy in April 2009. Get the full story »
Corporate expansion last year “from Groupon to U.S. Steel” has landed Chicago as the top metro area for corporate investment by Site Selection magazine, World Business Chicago said today. Get the full story »