Should the deal close, it will be the largest retail lease the market has seen since 2007, when Spain-based Zara took 33,838 square feet for its first Chicago location. The vacancy rate along the Magnificent Mile is the highest it has been since 1992; sitting at 7.2%.
The property is being marketed by CB Richard Ellis's SVP Bruce Kaplan.
Nordstrom is no stranger to the Chicago retail market. The company has a Nordstrom store on Michigan Avenue a block from the Chicago River, which opened in 2000, and a Nordstrom Rack on State Street, which opened in 2003. In total there are four Nordstrom stores and six Rack stores throughout the Chicagoland area.
The space that could be the next Nordstrom Rack was occupied by CompUSA until May 2007, when the company began to liquidate its holdings. The space next door was occupied by American Girl Place until it moved to Water Tower Place. CBRE is marketing both spaces.
To read the full report in Crain's Chicago Business click here.
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