Overview
- Edwards Realty Company closed its purchase of the Block 37 mall for $30 million on Tuesday, acquiring the roughly 275,000–300,000 square‑foot retail center from CIM Group.
- The firm says it will rebrand the property, convert the vacant third floor to entertainment and experiential uses, and roll out year‑round programming and pop‑up incubator space to drive foot traffic.
- The mall is about 65 percent occupied and still houses tenants such as AMC Theatres, Sephora, Zara, Magnolia Bakery, Five Iron Golf and Banana Republic Factory Store while Edwards holds active lease discussions.
- Edwards closed the deal with financing from Republic Bank, strategic partner LFI Energy and The Rose Family Office and says the low purchase price lets it offer more aggressive leasing terms than previous owners.
- Local officials praised the sale as a vote of confidence in the Loop’s retail recovery, but success will depend on tenant mix, physical updates, and whether the experiential model can sustain steady visitor traffic.