Just months after a new apartment tower was added to the Loop’s Block 37 shopping center, the mall’s owner is looking to unload it. According to Crain’s, CIM Group, Block 37’s owner, has recently hired a commercial brokerage to help find a buyer for the property. Crain’s does add that the deal only includes the shopping mall portion of the mega development and not the new Marquee at Block 37 residential tower that opened this summer.
The move comes just a few years after CIM Group purchased Block 37 for $84 million in April 2002. Since CIM Group purchased the mall, it has been able to land a handful of major retail tenants, including AMC Theaters and the Latinicity food hall. Block 37 is also the home of the Chicago Design Museum. However, the mall is underutilized and still has many vacancies. But with the construction and completion of the new 690 unit apartment tower atop of Block 37, it is expected that the flood of new residents may help breathe new life into the mall.
According to the report that Crain’s highlights, it is suggested that the shopping center portion of the Block 37 mega project could sell for up to $200 million.