Edwards Realty Company acquires Chicago’s Block 37

Edwards Realty Company has acquired the Block 37 shopping center in Chicago’s Loop for $30 million. The purchase price is significantly lower than the property’s 2012 sale price. The Orland Park-based firm intends to revitalize the complex by transforming it into a “modern experiential destination” through rebranding and a new name.

The redevelopment strategy focuses on diversifying the tenant mix to include a combination of retail, dining, entertainment, and service-oriented uses. The company aims to move away from a traditional mall atmosphere to better serve the community and the evolving downtown market.

Block 37 was previously owned by the Los Angeles-based CIM Group. The site has a long history of development challenges, dating back to urban renewal efforts in the late 1970s and 1980s. Edwards Realty Company, which has experience revitalizing underperforming suburban shopping centers, marks its first acquisition in downtown Chicago with this deal.