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Here are Chicago’s 10 biggest investment sales of 2020
Office deals led the pack, including sale of McDonald’s HQ in Fulton Market and Michael Shvo’s purchase of “Big Red” tower in Downtown Chicago /
As with most other cities, Chicago’s commercial real estate market went off the rails in 2020, upending what had been a promising start to the year. Demand for office space tanked, hotels emptied out leaving owners struggling to pay their loans and Covid restrictions strangled retailers whose customers dared to venture into brick-and-mortar stores.
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A former warehouse that until July had been a Sears Outlet in Pittsburgh’s Lawrenceville neighborhood is poised to become the latest local “last mile” facility for Amazon deliveries.
The site, at 27 51st St., was initially being developed by Spear Street Capital to lure a tech-based tenant, according to Lauren Connelly, executive director of Lawrenceville Corp., the local development organization.
Connelly said that Spear Street, a San Francisco-based firm, had committed to a number of community benefits from a future tenant at the site, located along the Allegheny River. People who worked there would be encouraged to use public transit and ride-sharing services, public trails would be developed along the riverfront and traffic would be otherwise minimized.