Syndicated Equities Corp. is in negotiations with a discount grocery chain to lease most of a small south suburban shopping center while a pension fund client of Heitman LLC agrees to delay an $8.3-million foreclosure case.
Food 4 Less, a division of Cincinnati-based Kroger Co., is in talks to lease space in the neighborhood center at Western Avenue and 211th Street in Chicago Heights, sources say. The 110,000-square-foot property has been largely vacant since it lost its original anchor tenant in 1999, about a year after it opened. The original tenant was Omni, a now-defunct discount brand of Dominick’s Finer Foods, that occupied 90,000 square feet.
The remaining 20,000 square feet is divided up among several small stores, including Chase Bank, Check ‘n Go, GNC Inc., Hollywood Video and Wendy’s, according to real estate research firm CoStar Group Inc.
The Heitman client, the Colorado Public Employees Retirement Assn., filed the foreclosure lawsuit Oct. 14 in Cook County Circuit Court, seeking to recover $8.3 million after the center’s owner, an affiliate of Chicago-based Syndicated, was unable to pay off a loan when it came due on Oct. 10.
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