Downtown Chicago Retail Property, Block 37, Sells for $30 Million

A prominent retail property in downtown Chicago, known as Block 37, has been sold for $30 million. Newmark facilitated the transaction for the 277,654-square-foot asset, which forms a significant part of the larger Block 37 mixed-use development. This development integrates residential and office towers alongside the retail component.

The five-floor retail property includes a four-level underground parking garage and hosts a diverse tenant roster. Key occupants feature retailers like Zara and Sephora, entertainment options such as AMC Theatres, and dining establishments like The Dearborn. Keely Polczynski and Brian Schneiderman from Newmark acted as representatives for the seller, CIM Group, during the sale. This transaction underscores ongoing investment activity in established urban retail centers, particularly those offering a comprehensive mix of retail, entertainment, and dining experiences within a broader mixed-use framework. For developers and investors, such deals reflect the enduring value of strategically located, multi-tenant commercial properties in dense metropolitan areas.