WICKER PARK — Two buildings just north of Wicker's six-way intersection are for sale and could be ideal for a Target or another large retailer, a real estate broker said.
"It's what we call generational or trophy real estate; they are not making any real estate like this. We've done an immense amount of tours," said Greg Dietz, a principal with Baum Realty Group, which issued a news release earlier in the month when the adjacent buildings went up for sale.
Located at 1616-1628 N. Damen Ave., the properties include a 3-story, nearly-13,000 square-foot building that houses The IHSP Chicago hostel on the second and third floors, with Benefit Cosmetics and the forthcoming Real Good Juice Co., which replaced the shuttered Flight 001, on the ground floor.
"The building could be used by a host of companies from apparel to boutiques and restaurants, but also a lot of creative non traditional retail and traditional retail like Target. ... It could cater to larger retail users looking for a flag in the Wicker Park aea," Dietz said.
Dietz initially said Target had been looking at the space, but on Wednesday he said that it was a "miscommunication" and that the retailer is rumored to be eyeing several sites in the area.
On Wednesday, a Target spokeswoman didn't address whether it had considered the site or other open sites in the area but said it was still actively looking in the city.
"Chicago is a priority for Target, so we continuously explore locations for new stores. We have nothing to share at this time regarding new store plans in Wicker Park," she said.
Currently, the nearest Target to Wicker Park and Bucktown is in Logan Square, at 2656 N. Elston Ave. The Target spokeswoman said that a small-format store"in the Lakeview neighborhood by the CTA Belmont Station is set to open on July 19 and in October, the chain will open locations in Oak Park, Lakeview Ashland and in Skokie.
Dietz said IHSP Chicago hostel on the second and third floors of the main 1616 N. Damen Ave. building agreed to leave about three years before its lease was due to end, and restaurant staple Feast, which was paying "below-market rent," opted to end its lease a year early.
Feast closed on New Year's Eve after almost 20 years at the location.
"Getting that second and third floor space back was very important and there is a lot of tenant demand for that sort of space," Dietz said, adding that the main attraction beyond the obvious of being so close to the main hub is 140-feet of sidewalk space, a rarity for the block.
A zoning change to add another level to the one-story former Feast restaurant is scheduled to be heard by members of the city's committee on Buildings, Zoning and Landmark Standards on Thursday, according to a meeting agenda.
Dietz said that once developed, the former Feast building could be for office or retail use or sold separately from the larger building next to it. Currently, Dietz claim retail rents on the sought-after block are as high as $85-$95 per-square-foot.
Another Baum principal, Janika Brenner, who has arranged several commercial leases in Bucktown and Wicker Park, said in a news release that having 140 feet of prime [sidewalk] is "unprecedented on Damen Avenue" and presents "unique possibilities for non-traditional tenants as well as retailers seeking a trophy location."
The site's current owners, New York-based CLK Properties, paid $7.5 million for the 1616-28 N. Damen Ave. buildings in July 2015, county records show.
Based on the flurry of interest, Dietz said he anticipates the buildings will sell by late summer, and the next sale price is expected to be higher than the $7.5 million paid two years ago.
