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CIM Group acquires Block 37 retail center in Chicago
Los Angeles -- CIM Group announced the acquisition of Block 37, a five-story retail center located on the State Street retail corridor in Chicago’s Central Loop.
Block 37 is located directly across the street from Macy’s State Street. It is also in the heart of Chicago’s State Street retail corridor, which boasts a significant concentration of National Historic Landmark, National Register of Historic Places and Chicago Landmark designated buildings and attracts millions of local customers and tourists every year.
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Report: U.S. strip-mall vacancy rate declines
New York -- The average vacancy rate at strip malls across the United States edged down for the first time in nearly seven years in the first quarter, falling to 10.9% from 11% in the prior quarter, according to preliminary data by real-estate research company Reis Inc., Reuters reported. It was the first decline in nearly seven years.
But the firm warned consumer spending is still not strong enough to lift retail real estate out of its slump.