CHICAGO-Aldi Inc. has signed a 15-year lease for 17,000 square feet at 1840 N. Clybourn. The Batavia, IL-based discount grocer is assuming space in the 312,000-square-foot building formerly occupied by Bombay Furniture and Leather Creation. The grocer's lease brings the building to 100% leased, with other tenants including Crate & Barrel outlet, J. Alexander's, Trader Joe's, Kindercare and Beautiful Beginnings.
"Aldi wanted to complement their existing location at Clybourn and Wrightwood about a mile to the north," said Mid-America Real Estate Corp. principal Paul Bryant, who along with SVP Dan Tausk represented building owner Chicago-based First American Properties LLC. Aldi was represented by Craig Lillibridge and Peter Graham of CB Richard Ellis in the deal. The new store's design will conform to a recently implemented format that Aldi has been rolling out for the past year at its locations, which total 1,000 stores spanning 29 states.
The property was fully renovated in 2003, and offers on-site parking. It is located on the north side of the city, where overall occupancy rates are around 94%, according to CB Richard Ellis' Q1 retail market report. Asking lease rates in the north submarket range from $22 to $29 per square foot, according to CBRE's research.
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