Site Centers is looking to sell a fully leased, grocery-anchored shopping center on Chicago’s North Side as the real estate investment trust shifts its investment focus.
The REIT has hired Mid-America Real Estate brokers to find a buyer for the five-story, 131,748-square-foot property at 3030 N. Broadway in the Lakeview neighborhood. The anchor tenant is Mariano’s, a local grocery-store chain owned by Kroger.
Efforts to sell the property that runs between Wellington and Barry avenues a few blocks west of Lake Michigan come as Site Centers advances its efforts to focus on convenience shopping centers, retail properties without a big-box or grocery anchor.
Beachwood, Ohio-based Site Centers last year completed its Curbline Properties spin-off as a separate, publicly traded company focused on strip malls.
Before and after launching the spin-off, Site Centers has been selling properties that no longer fit within its core strategy, including recent sales in Orlando, Florida; Brentwood, Missouri; and Colorado Springs, Colorado, for about $260 million combined.
Then known as DDR, the Ohio-based REIT bought the newly developed Chicago property for $81 million in January 2017, according to CoStar data.
It’s unclear how much Site Centers expects in a sale now. The REIT did not immediately respond to a request for comment from CoStar News.
The Broadway building is 100% leased, with a weighted average lease term of 13.5 years to mostly large, credit-worthy national tenants, according to the Mid-America brochure.
The other tenants are Club Studio, Starbucks, PNC Bank and Fresh Dental.
The property includes a 271-space parking garage.
Before it was developed in 2016, the land was vacant for almost a decade after another grocery store on the site burned down in 2005.
For the record
The seller is represented by Mid-America Real Estate brokers Ben Wineman and Joe Girardi.