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Iowa Pension Fund Invests in Chicago’s Burgeoning South Loop

125,000-SF Retail Center Near Ambitious Redevelopment Site Trades for $50 Million
September 11, 2018
An Iowa pension fund has snapped up a retail center in Chicago’s South Loop near an underused waterfront area that could see a massive transformation.

The Iowa Public Employees Retirement System paid Highland Park, Illinois-based Tucker Development $50.05 million for the South Loop Marketplace at 1226-1340 S. Canal St., according to CoStar research. Tucker bought the 125,000-square-foot strip mall in 2005 for $36.25 million.

The shopping center sits across the Chicago River from a vacant 62-acre site where New York City-based real estate firm Related Midwest hopes to build office, residential and retail to create what the developer is calling the city’s 78th neighborhood.

The $5 billion 78 project, which Related Midwest proposed in May, needs to jump a number of city, financing and infrastructure hurdles before any ground is moved. It calls for 13 million square feet of space that includes extensive riverwalk and park development.

The project is also expected to include the Discovery Partners Institute, a University of Illinois research facility that is proposed as a public-private anchor to what is planned as the statewide Illinois Innovation Network.

If the 78 project gets approval and financing to move forward, Related Midwest projects a two-decade building period, representing one of the most massive undertakings in the city’s history.

Anchored by a Jewel-Osco grocery store and home to a variety of tenants that include Walgreens, Jason’s Deli, GameStop and FedEx Office, South Loop Marketplace at the intersection of Roosevelt Road and Canal Street is 100 percent leased.

For more information on the transaction, please see CoStar Comp #4506433.

Jennifer Waters, Chicago Reporter  CoStar Group   
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