Two aggressive out-of-town investors have teamed up to buy a Clybourn Corridor retail property with a lot of vacant space, a risk and opportunity in a recovering retail leasing market.
A venture between New York-based Jenel Management Corp. and White Plains, N.Y.-based Acadia Realty Trust paid roughly $20 million for the 35,000-square-foot building at the northeast corner of Sheffield and North avenues, according to people familiar with the deal.
Restoration Hardware Holdings Inc. is the property’s largest tenant, with a two-floor, 15,440-square-foot space. Sephora USA Inc. leases about 5,300 square feet. But more than 12,400 square feet — about 35 percent of the building — on the building’s upper floors has been empty since Z Gallerie Inc. closed its store there more than four years ago.
Read more in Crain’s Chicago Business.
