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July 19, 2022

This Week's Chicago Deal Sheet

JDL Founder & CEO Jim Letchinger To Speak At Bisnow Multifamily Annual Conference (BMAC) Chicago Oct. 6

GK Development of northwest suburban Barrington has hired CBRE to sell a 22-story office building at 123 West Madison St. in yet another effort to redevelop older Loop offices in the struggling downtown corridor.

A GK venture paid just over $10M for the 81K SF building, which sits along the south side of Madison between LaSalle and Clark streets, in 2015, according to Crain's Chicago Business. No price tag is listed on the tower, which is being marketed as a strong contender for residential use. 

This Week's Chicago Deal Sheet

Other older Loop offices at 105 West Adams St., 318 West Adams St. and the upper floors of 79 West Monroe St. are also being scouted as potential residential conversions. The redevelopment comes on the heels of Google’s recent interest in opening an office in the problem-prone Thompson Center on LaSalle…

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Fulton Market Could Make Chicago A Top Global Player — If The City Addresses Its Ancient Infrastructure

As the epicenter of Chicago's life sciences industry, its live-work-play exemplar and the hub of new Class-A development, the Fulton Market District continues to hold down the fort as the city’s hottest submarket.

Amid struggles to retain talent and leased square footage in Chicago’s downtown corridor, Fulton Market was the city’s only neighborhood where office availability dropped last year. As developers await zoning change requests and approvals, specifically for development along the area's northwest quadrant, excitement is buzzing.

Yet infrastructure concerns loom in the meatpacking district-turned-restaurant and technology mecca. And panelists at Bisnow’s The City of Fulton Market Event July 13 said activity in the innovation district can stretch far and wide beyond the city’s West Loop, but only if the city is willing to make badly needed upgrades.

Fulton Market Could Make Chicago A Top Global Player — If The City Addresses Its Ancient Infrastructure

“Chicago has untapped potential for being a global city, not just a U.S. or an Illinois city,” said Melvin Wesley, first deputy commissioner of planning and development for the city of Chicago. “I think that Fulton Market is in its metamorphosis. There’s so much that, as a newcomer, I came to understand.…

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Kroger Expands Midwestern Reach, Bringing 80K SF Fulfillment Center To Designated Food Desert

Kroger Expands Midwestern Reach, Bringing 80K SF Fulfillment Center To Designated Food Desert  

Cincinnati-based grocery giant Kroger is coming to Chicago, with a spoke fulfillment facility set to open in western suburban Maywood, adding a delivery arm to the city’s metro. 

Located approximately 20 miles west of Chicago, the 80K SF facility in Maywood will help expand the company’s delivery service in the city, working in tandem with an existing 337K SF fulfillment center in Pleasant Prairie, Wisconsin

The new center will create more than 180 new jobs in a city now designated a food desert, per a Kroger release.

“Their facility replaces a blighted area while adding new jobs and revenues that aid in the revitalization of our community,” Maywood Mayor Nathaniel George Booker said in a statement. “We are happy to welcome a partner that works to address our food desert designation and look to evolving collaboration with them.”…

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Starbucks CEO Foreshadows ‘Many More’ Café Closures Due To Safety Concerns

Starbucks CEO Foreshadows ‘Many More’ Café Closures Due To Safety Concerns  

Starbucks announced last week it would shutter 16 stores nationwide over crime concerns. Now the company’s leader says the closures are just getting started. "This is just the beginning. There are going to be many more,” interim CEO Howard Schultz told a group of employees, according to a leaked video >

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Toys R Us Revived Ahead Of The Holidays — As Stores In Every Macy's

Toys R Us Revived Ahead Of The Holidays — As Stores In Every Macy's  

WHP Global, which acquired the rights to the Toys R Us brand after the 2010s demise of that chain, is following through on a plan to open locations as stores-within-a-store in every Macy’s in the United States. There are nearly 450 Macy's department store locations. The openings will begin…

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