A mall near Wrigley Field is asking for $36 million
Developers who replaced a popular Taco Bell near Wrigley Field with a four-story retail building are looking to cash in.
The company led by Benjamin Cohen and Elliot Berman has hired JLL to sell the 58,800 square foot property located at 1111 West Addison Street, Crain’s reported. The building is asking for $35.7 million.
“We all have new leases on it, and now seems like the best time to sell the property,” Cohen told the outlet.
The property, less than a block from the baseball park, is 95% occupied. Tenants include Movement Climbing Gym, Chase Bank and Culver’s. Taco Bell fans can get their Crunchwrap Supremes from another storefront in the mall.
The property generates a net operating income of approximately $1.8 million, so a sale at the asking price would generate a 5% return in the first year.
Cohen and Berman bought the site for $8.9 million in 2017 and took out a $22 million loan to fund construction of the project in March 2020, just as the pandemic hit. Despite the risky timing, the developers had already secured three leases. Cohen said the pandemic-induced shutdown in baseball has caused traffic to drop, making construction easier.
Developers are optimistic given the location of the building. “Wrigley Field isn’t going anywhere,” Cohen told the publication.