January 5, 2017
Springbank Real Estate Group acquired a 105,000-square-foot former Sears store in the Ravenswood neighborhood of Chicago. The new owner paid Sears Holdings $9.5 million for the building at 1900 W. Lawrence Ave., and will invest an additional $20 million to turn the 89-year-old structure into apartments and retail space.
Springbank, which was represented in the transaction by Kevin Boyd of SRS Real Estate Partners, will begin work on the building later this month, and plans to open it to residents by summer 2018. The new owner also has a tentative deal with Binny’s Beverage Depot, a liquor store chain, to lease approximately 30,000 square feet of the 33,000 square feet of ground-floor retail space.
The location was one of the first stores built by Sears, Roebuck & Co. in the 1920s. Sears shut down the store in summer 2016.
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