DeVry Leases 17500 Square Feet At 1900 W Lawrence Ave Chicago Represented By Henry Kobrin And Kevin Boyd

The property at 1900 W Lawrence Ave, Chicago, IL is a former North Side Sears store currently undergoing redevelopment. The project includes the conversion of the four-story building into 59 apartments alongside ground-floor commercial space of 17,500 square feet, now leased to DeVry. Springbank Real Estate Group, the landlord, is financing the redevelopment with a $25 million construction loan from CIBC as part of a $40 million total investment for the project.

Summary of transaction details:

• Property Type: Lease
• Transaction Amount: Not specified
• Address: 1900 W Lawrence Ave, Chicago, IL
• Market: Chicago
• Tenant: DeVry
• Landlord: Springbank Real Estate Group
• Tenant's Rep: Henry Kobrin (Newmark Knight Frank)
• Landlord's Rep: Kevin Boyd (SRS Real Estate Partners)
• Square Feet: 17,500

In addition to leasing the DeVry space, the first floor will feature an additional 2,400 square feet of retail space intended for a coffee shop or restaurant, along with 42 enclosed parking spots for the tenants and visitors. This redevelopment marks a significant transformation of the site, which had been vacant since Sears closed the store in 2016 and transitioned ownership to Springbank for $9.5 million shortly thereafter.