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Big Paydays

At least one bystander has been enriched by Wal-Mart. Joshua Mintzer, principal of Saxony Capital paid $2.45 million in June '10 for the building at 225 W. Chicago Ave that formerly housed a Pearl Art Supply. As luck would have it, Wal-Mart soon signed a 10-year lease for the space as part of its push for nine new Chicago locations. This one will be one of Wal-Mart's new "express" stores, far smaller and slightly more neighborly than the suburban big-box mold. With a tenant like that, committed to time at the location, it wasn't hard for Mintzer to turn around and fetch $5.3M a year later. Note to self: Never pass on a chance for River North property beside an "L" station. [Crain's]