The Ford City retail center in Chicago is on its way to being renovated and repositioned. The center was repossessed by the lender, iStar Financial, six months ago. iStar has tapped SRS Real Estate Partners and U.S. Equities Realty to take charge of management and leasing.
The Fairgrounds Square retail center traded to the Bank of New York Mellon Trust for $13.6 million in a marshal sale. The bank was the only bidder for the Philadelphia area retail center. The deal is pending judicial approval.
Chicago real estate tycoon Sam Zell warns the commercial real estate markets won't return for another five years. Zell is known for his ability to scoop up distressed bargains, but this time, he says there are not enough coming to market. He made his comments during a recent appearance -- his second for this venue -- at the University of San Diego Burnham-Moores Center for Real Estate forum on the state of the real estate market.
The Jaffe Cos. and its partners will debut The Arboretum, a 600,000-square-foot shopping center, in South Barrington, Ill., in September. The center will include the first L.L. Bean store in the Midwest and an upscale Australian luxury cinema.