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Originally Posted by OrdoSeclorum
Man. Have I been saying that forever. Does anyone know the ownership/lease terms of the CVS at Ogden and Chicago? And the adjacent bank? I'm hoping that the lease will be up for renewal in the next few years and that land will be too expensive to keep as surface parking.
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The property is owned by Baum, who also owns the Concentra building across the street next to St. John Cantius. The whole thing (including the US Bank) was developed as one single deal back in the late 90s to replace a large neighborhood bank (and parking lot) that went out of business. The whole thing is barely 20 years old.
I'm guessing the CVS lease is just too lucrative to develop as anything else... most landlords will bend over backwards for a national credit tenant like that.
Honestly, I'm struggling to think of any deals in/around the downtown area where a major chain drugstore was torn down and redeveloped. There's still single-story Walgreens in River North and the West Loop!
The best we can hope for at Chicago/Milwaukee is that CVS moves across Carpenter St into the brand-new retail space at Spoke. That store is becoming seriously dated and will need a major renovation soon, so CVS may decide a relocation is possible. CVS would have to sacrifice parking and a prime corner location, though, so they'd have to get a seriously good deal.
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