Such short sales have become increasingly common in the commercial real estate market, as property values have plunged and lenders have become more willing to take a loss and move on. Centrum decided the time was right because of the strength of the local multifamily market, which could generate interest in the project’s 342 apartments, says Centrum Partner John McLinden.
But investors will be less enthusiastic about the project’s 398,000-square-feet shopping center. Just 23% of the retail space is occupied, to one tenant, movie chain Kerasotes ShowPlace Theatres LLC.
We've had some recent post on the RC, so who knows what the future holds. As you might remember, we pondered potential businesses that could come to this space and we also got an intriguing comment from the president of Chiasso (a great modern design store up in the Lincoln Park). Stay tuned.