SOUTH SHORE — Shop ‘n Save has signed a lease at Jeffery Plaza as the owner puts the shopping center on the market for $19 million.
The St. Louis-based grocer has signed a 15-year lease to take over the remaining 40,000 square feet of the space left vacant after Dominick's closed three years ago, according to real estate company CBRE, which is selling the shopping center for owner Cannon Commercial.
The lease ends a three-year saga for the shopping center, which has struggled to find a grocer after Dominick’s closed its 62,000-square-foot store. It was the only one of 11 Dominick's locations in Chicago that was not snapped up by Mariano’s, Whole Foods or another grocer.
The owner now appears to want out, too. Cannon Commercial has put on the market all of its Midwest properties, which includes three shopping centers, including one in south suburban Markham, and Michigan City, Ind.
Kam Mateen, co-founder of the Los Angeles-based Cannon Commercial, could not be reached for comment. He told Crain’s that the business was shifting its focus to property in California.
The portfolio is being sold as a package, but Jeffery Plaza, which is now 87 percent leased withe the Shop 'n Save lease and the new Charter Fitness, could be sold separately and is listing for $19 million.
The owner tried once before to sell before a grocer had been found, listing the property for $19.5 million in June 2015.
Ald. Leslie Hairston (5th) said last week she still wants to the city to try to acquire the shopping center using eminent domain in part because of the struggles with the owner to find a grocery store.
She said a representative from Shop ‘n Save told her the grocery store was OK with the city using eminent domain.
A spokesman for Shop ‘n Save parent company SuperValu could not be reached for comment.
Cannon Commercial has owned the shopping center since 2006.