CHICAGO-The Chicago Public Library’s Back of the Yards branch will remain in 5,808 sf at Indianapolis-based retail giant Simon Property Group’s Yard Plaza shopping center at 4600 S. Damen Ave. The city will pay $18.58 per sf to $20.91 per sf under a five-year gross lease worth $563,900.
The deal is retroactive to the beginning of this year, and runs through 2007. The city gets one-month free rent as part of the deal. The lease, which includes cost-of-living escalators of 3%, must be approved by the city council, but has the blessing of Mayor Richard M. Daley.
In an unrelated South Side retail deal, Chernin’s Shoe Outlet leased 4,000 sf at 11225 S. Michigan Ave. in the Roseland community. Atlas Partners Commercial Brokerage, LLC’s Michael Karpik represented Chernin’s Shoe Outlet.