Building Near ‘606’ Sells For $675K, But New Owners Mum On Plans

1860 N Milwaukee

 

{Source:Alisa Hauser / DNA Info}

BUCKTOWN — An industrial building in Bucktown was recently sold to a real estate development firm who’ve put up a large “For Lease” sign, but so far there has been no indication of what might end up in the free-standing, one-story building a block from The 606.

The 4,400-square-foot building at 1860 N. Milwaukee Ave. was sold for $675,000 in late March to “1860 Milwaukee LLC.”  The entity is headed by Lance Chody, president of Chody Real Estate Corp., and principal Bart Friedman, state and county records show.

Friedman did not return a request for comment on plans for the building, nor did Meredith Oliver and Brendan Reedy, real estate agents with Cushman & Wakefield, whose online brochure calls the property “The Gemini Building,” a nod to the building’s prior owner, Gemini electronics.

Chody’s list of clients include Starbucks, Wendy’s, Chase Bank, according to its website.

[Read more…]

Former Potbelly Real Estate Leader Moves To Cushman & Wakefield

{Source: By  / Crain’s Chicago Business}

Tracey Fitzgerald

Tracey Fitzgerald

The real estate executive who oversaw sandwich chain Potbelly’s rapid national expansion in recent years has been hired by Cushman & Wakefield, where she’ll focus on helping landlords sign new tenants.

Tracey Fitzgerald has joined the Chicago-based commercial real estate brokerage as a senior director. Fitzgerald said she will be on a small team of brokers representing owners of about 7 million square feet of retail property in the area.

She’s switching sides on dealmaking, after representing a fast-growing tenant in Potbelly. Her move comes as many traditional retailers scale back store counts, and as other sectors, such as fast-casual restaurants, gobble up new spaces.

“I’m able to offer landlords the perspective from a national, publicly traded company, as far as having an eye for what’s important to retailers and understanding which brands will continue to need bricks-and-mortar stores,” Fitzgerald said. “There’s only a small group of brokers who focus on the landlord side of the business, so it’s a great niche. I think we can more than double the size of the portfolio.”

 

{Source: By  / Crain’s Chicago Business}

Amazon Books Starts New Chapter With Chicago Store Opening In Lakeview

{Source: Lauren Zumbach / Chicago Tribune

(C) Chicago Tribune

(C) Chicago Tribune

Amazon launched its online bookstore nearly 22 years ago. On Tuesday, it will open the doors of a brick-and-mortar store in Chicago’s Lakeview neighborhood, giving customers a chance to test the e-commerce giant’s take on offline shopping.

It’s just one 6,000-square-foot neighborhood bookstore. But it’s also one of Amazon’s first experiments with live customer service and cash registers, and a sign that one of the retail industry’s biggest disrupters may not be content to stick to e-commerce.

As fast as online shopping has grown, in recent years — thanks in no small part to Amazon — e-commerce accounted for only about 8.1 percent of all U.S. retail sales last year, according to the U.S. Department of Commerce. Merchants that got their start online have increasingly supplemented their digital stores with physical storefronts.

“They can win as much of the online space as they want and still be eyeing a piece of (the in-store) pie,” said Brendan Witcher, e-commerce analyst with Forrester Research.

Amazon is still in the early days of its bookstore experiment. The first location opened in Seattle in late 2015, and the Chicago store, in the 3400 block of North Southport Avenue, will be Amazon’s fifth, and first outside a mall. It opened briefly on Saturday as a test and is expected to start regularly scheduled hours Tuesday.

Why get into a business it helped disrupt?

(C) Chicago Tribune

(C) Chicago Tribune

Amazon wants to take the best of online shopping and in-person browsing and apply it to selling books and Amazon devices, said Jennifer Cast, vice president of Amazon Books.

“We just believe that we can do this well, and we believe that if we do it well, we will have an even stronger relationship with our customers,” she said.

[Read more…]

Tesla Opening Showroom Near Mag Mile

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Electric-car maker Tesla is plugging into a new retail space near the Magnificent Mile, about a year after a Michigan Avenue deal fell apart.

Tesla Motors has a deal to open an approximately 5,000-square-foot showroom in the 900 North Michigan Shops, according to people familiar with the deal.

The Gold Coast space on the Rush Street side of the mall is just north of 800 N. Michigan Ave., where the electric-car company late last year was working on a deal for a 10,000-square-foot showroom…READ MORE

900 North Michigan Shops To Get Food Hall

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

The owner of the 900 North Michigan Shops mall is talking with restaurant groups as it looks to create a food hall, a concept that has taken off in Chicago and other large cities.

JMB Realty, the Chicago-based owner of the six-level shopping mall, is in preliminary stages of planning the food hall, 900 North Michigan Shops spokeswoman Stacy Kolios said. “We think it’s a great fit for us,” Kolios said. “We’re looking for the right partner to make it happen.”…READ MORE

Shake Shack To Serve Up Burgers In Fulton Market

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Shake Shack plans to open its fourth area location in Chicago’s fast-changing Fulton Market District, bringing its burgers to a neighborhood long known for chef-driven restaurants.

Danny Meyer’s New York-based burger chain leased a 3,220-square-foot space in a building that developer Shapack Partners plans to build at 185 N. Morgan St., alongside the entrance to the CTA’s elevated station at Morgan and Lake streets on the Pink and Green lines, the restaurant company said – READ MORE

Banana Republic Plans Lincoln Park Store

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Clothing retailer Banana Republic plans a store in a Lincoln Park development directly north of a new Target store on Clark Street.

Banana Republic has leased 6,078 square feet in a 22,000-square-foot building at 2720 N. Clark St. that Centrum Partners will begin constructing in about two weeks, Chicago-based Centrum said.

Immediately to the south of Centrum’s site, Target is building out a 32,000-square-foot store at 2650 N. Clark St., where it will replace another Minneapolis-based retailer: Best Buy.

“Banana Republic fills some need for soft goods in this area,” said John McLinden, a managing partner at Centrum. “Retailers aren’t doing a lot of stores these days. A lot of them are being really selective. If you get a quality retailer, it’s a real plum for a neighborhood. Good retailers attract other retailers.”

Centrum bought the site from a trust in January for just over $6 million, and recently began demolishing the building that had been home to Edge Bar & Grill. Centrum plans to complete a new two-story building on the site in October.

Banana Republic will move in late this year or in 2017, McLinden said. San Francisco-based AltSchool—a private school whose investors include Facebook founder Mark Zuckerberg and Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs—has leased the second floor of the building and plans to open for the 2017 school year.

A 2,700-square-foot retail space remains available on the ground floor, and is likely to be filled with a restaurant or coffee shop, McLinden said.

Centrum took out a construction loan of just over $10 million from Chicago-based MB Financial Bank, according to Cook County property records. The project, including the land acquisition, will cost about $12 million, McLinden said.

The site is at Clark and Schubert Avenue, a block south of Diversey Parkway.

Banana Republic has five stores in Chicago, including three on North Michigan Avenue. The others are on North Avenue in the Clybourn Corridor, and in the Roosevelt Collection in the South Loop. Banana Republic also has 15 stores in the Chicago suburbs, according to its website.

Representatives of San Francisco-based Gap, which owns the Banana Republic brand, did not respond to requests for comment.

“The Clark and Diversey area has long been an area where they’ve wanted to put a store,” said retail broker Meredith Oliver, who represented the landlord along with Cushman & Wakefield senior director Brendan Reedy. Banana Republic was represented by Skip Martin, a principal at Envision Realty Advisors.

“There’s very limited supply of spaces bigger than a couple thousand square feet,” Oliver said. “That corridor’s got a lot of little buildings. There’s been little new construction in years. Part of that is the high cost of real estate in that area.”

Cushman & Wakefield Picks Wacker Drive Tower For New HQ

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Just over a year after announcing Chicago as its new global headquarters, Cushman & Wakefield has chosen a long-term home: the top four floors of a Wacker Drive office tower.

The commercial real estate brokerage signed an 12-year lease for 83,033 square feet in the 31-story tower at 225 W. Wacker Drive, the firm said. After the move sometime around April, that space will be the company’s Chicago office and its headquarters.

The deal will consolidate workers from two other Wacker Drive buildings. Cushman & Wakefield has about 97,000 square feet combined at 200 S. Wacker and 77 W. Wacker, where DTZ was based before it merged with then New York-based Cushman & Wakefield in a $2 billion deal completed in September 2015…READ MORE

 

http://cwchicagoretail.com/1771-2/

PHOTOS: 4th Annual Cushman & Wakefield Chicago Retail Team Client Event