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NORTH LAWNDALE — The former Sears headquarters in Homan Square and other buildings and land around it are up for sale.
Indianapolis-based Royal Pine Properties is selling the properties — which amount to almost 1 million square feet — though it has not shared a selling price. It bought them in 2018 for $3.25 million.
The properties include the former Sears Administration Building at 3333 W. Arthington St., the former Allstate office building at 3245 W. Arthington St., a large parking structure at 3240 W. Arthington St. and a developable land site 3201 W. Arthington St. It does not include the 14-story Sears Tower at 906 S. Homan Ave., renamed Nichols Tower, which was redeveloped into a community hub for nonprofits and economic enterprises in 2015.
Chicago-based real estate company SVN Chicago Property Management is facilitating the sale of the Sears properties. Assistant Vice President Adam Thomas said they hope to find a buyer to redevelop the buildings, with the most realistic proposition being to convert it to housing. Other potential uses are for office and commercial property development, Thomas said.
Thomas said the historical significance of the properties make them valuable — along with surrounding transport options. It is four blocks to the Kedizie-Homan Blue Line station and four blocks from the Eisenhower Expressway.
The parking lot near the buildings that is included in the purchase.
“It’s hard to put a price on it, because how do you put a price on history?” Thomas said. “This company was basically what Amazon was 100 years ago. It is an incredible, huge project, but it is one of a kind.”
The Sears building was built in 1905 and was the company’s headquarters until 1973, when it moved into Sears Tower. It was designated a Chicago landmark in 2002 and is on the National Register of Historic Places.
The Administration Building is five stories, 239,000 square feet and takes up the majority of its block. It has a classive revival face but has “undergone extensive demolition and is ready for new interior buildout,” according to listing information.
The former Allstate Headquarters is an 11-story shell building with 292,000 square feet of space, while the land at 3201 W. Arthington St. covers 167,000 square feet. The parking structure is a 3.5-story garage with 247,000 square feet.
Thomas said the designation of the building means its historic features and facade must be preserved regardless of who buys it.
It would be the second recent redevelopment planned for the former Sears location on the West Side: Rush Hospital has proposed a $70 million outpatient care center to take over a closed store.
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