Overview
- Edwards Realty Company closed the $30 million deal on Tuesday to acquire the 278,000-square-foot Block 37 mall at 108 N. State Street.
- The firm says the property is about 65% occupied and that it is already in active talks with retailers, restaurants and experience-based operators to fill vacant space.
- Edwards plans retail on the first and second floors and entertainment or experiential uses on the vacant third floor, and it expects to roll out a new name and branding for the center.
- Republic Bank, LFI Energy and The Rose Family Office joined Edwards as financing partners for the purchase, which represents a steep valuation reset and a loss for seller CIM Group.
- Block 37 sits on a full city block in the Loop and has a long history of underuse; the deal comes as downtown retail metrics have improved and could speed leasing activity and foot-traffic recovery for nearby businesses.