The shopping center at 500 W. Linton Blvd. soon will be half empty. But it just sold for $33 million.
Why buy a center missing its anchor tenant? Perhaps Menin is banking that it can lease the space for more than the $749,710 a year, or $16.60 per square foot, that the failed retailer was paying. (Those details, usually secret, were released by Sports Authority in a bankruptcy filing.)
PetSmart also is a tenant, and Chipotle and PNC Bank occupy outparcels. The property last sold in 2006 for $13 million.
UPDATE: “Several tenants have been inquiring about the (Sports Authority) space,” says Douglas Mandel, the Marcus & Millichap broker who represented the seller.
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