After filling a former Buy Buy Baby store with a Sky Zone trampoline park, the owner of a shopping center on Chicago’s North Side is ready to test how much the property’s value has rebounded.
Los Angeles-based Westwood Financial has hired Greenstone Partners brokers to find a buyer of the Kingsbury Center along the Old Town and Lincoln Park neighborhoods, the Chicago brokerage said.
The nearly 54,000-square-foot shopping center at 1415-1435 N. Kingsbury St. is fully leased to Sky Zone and PetSmart, according to a property brochure.
It is being marketed as a low-risk investment in the short term, with a weighted average lease term of 6.8 years. It also is pitched as a long-term opportunity to explore a higher-density redevelopment of the 2.33-acre site, as zoning of the once-industrial corridor has shifted to allow big apartment towers in recent years.
That would require a zoning change from the city, but there has been a move toward more high-rise residential projects in the Clybourn Corridor shopping district in recent years.
“It’s a rare opportunity to buy a stabilized retail property of this size in the area,” Greenstone broker Danny Spitz told CoStar News. “It’s also a covered land play. There’s a lot of flexibility to do something bigger on the site down the road, in a pocket where zoning has been relaxed to allow more residential development.”
The seller is represented by Greenstone’s Spitz and Arjav Patel.