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203 Sheridan Road in Winnetka and 3507 West 51st Street on the Southwest Side (Redfin, 42 Floors, iStock)
Let’s start with a bit of good news given that 2020 didn’t provide Chicago’s real estate market with much of it.
The industrial sector withstood a bruising year far better than most others, sustained in large part by Amazon. As e-commerce orders soared during the pandemic, the Jeff Bezos behemoth went on a warehouse-leasing binge in Chicago.
But other asset classes in the city have spent the last nine-plus months on a skyscraper elevator in freefall. The ride has left much of the industry queasy and stumbling as it heads into 2021.
Updated 12/10/2020 6:25 AM
The Arboretum of South Barrington is facing a foreclosure lawsuit amid widespread economic pressure on the retail and hospitality industries during the COVID-19 pandemic.
In the lawsuit filed in Cook County circuit court in September, UnionBank states that the owners of The Arboretum didn t pay interest on the property s $67.2 million mortgage and didn t pay off the debt when it matured in April, according to Crain s Chicago Business.
The 480,000-square-foot outdoor shopping center at Higgins Road and Route 59 is listed as part of the portfolio of Starwood Retail Partners, a division of Starwood Capital Group.
Starwood Retail Partners and UnionBank didn t return requests for comment Wednesday.