Metropolitan Place
21,111 sf Retail Condominium
Chicago, IL
Major Tenants: CVS, Starbucks, Kinko’s
Formerly the corporate headquarters of Florsheim Shoes, Metropolitan Place was converted in 1997 to a mixed-use retail and residential building located in the burgeoning residential district along Canal Street. Metropolitan Place is surrounded by approximately 5.7 million square feet of office space within a one-block radius and is two blocks from the Sears Tower. Located directly across the street from Metropolitan Place are both Chicago’s Union Station, which is the city hub for both the Metra and Amtrak train lines that attract more than 90,000 commuters daily, and the recently constructed Kent Law School/Illinois Institute of Technology – Downtown Campus, which attracts over 1,500 graduate students daily. Metropolitan Place itself is a 10-story building with 212 fully-occupied luxury condominiums. Given that nearby development has been almost exclusively office, residential, and special use, Metropolitan Place offers a strong and unique retail presence in an area that is otherwise underserved from a retail perspective.
The street-level retail space at Metropolitan Place contains 21,111 square feet of rentable area that is net-leased to six tenants, four of which are major national corporations. CVS (S&P: A-), occupies 8,824 sf. along Canal St. where it will operate the only 24-hour pharmacy within a three-block radius. CVS is America’s #1 pharmacy, dispensing prescriptions in more stores than any other retailer in the nation, and ranks #1 in store count with more than 5,375 retail and pharmacy stores, according to its website. Other tenants include Starbucks, General Nutrition Corporation (GNC), and Kinko’s. Arturo’s, a popular Italian eatery, and Clinton Cleaners, a drop-off laundry facility, are the two local tenants.
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