News
Block 37 Back on the Market
July 21, 2011
| The infamous Block 37 mall is back on the market, but Trammell Crow Co’s Tim Lobner, who's been providing development management services for the property since it was foreclosed upon in 2009, says this time around it will be different. |
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| The property last changed hands in March when the project’s lenders purchased the retail center in a single-bid sheriff’s sale in which prospective buyers had limited time and access to the asset to properly underwrite a purchase. Now, post-foreclosure, the next owner will be able to focus solely on leasing up and building out the block at 108 N. State Street, says Tim (center, with TCC co-workers last fall). But that won't be a small task. With just 35% occupancy, a buyer of Block 37 will need to employ a holistic strategy that focuses on landing a large anchor tenant for the top floor as well as mid-size and small shop retailers to occupy the 2nd and 3rd floors, Tim says. Fortunately, Block 37 has a lot going for it; the inside of the mall was beautifully designed and its location is irreplaceable, he says. The bank group that currently owns the retail center has hired Eastdil Secured to market the four-story, 280k SF mall. |
