CA Investor Plans Major Renovations for Marina City Retail Space
JLL recently announced it had completed the $30 million sale of the retail and parking spaces at Marina City, a 146,000-square-foot retail, dining and entertainment complex with structured parking. JLL represented the seller, a California foundation linked to Sperry Commercial.
Now, Rand Sperry, CEO of Sperry Commercial and one of the foundation’s trustees has shared with the Chicago Sun-Timessome of the plans for the site. Sperry said the foundation planned to renovate the site and fill two 10,000-square-foot vacancies at the retail center.
The property is located at 333 N. Dearborn Street in the River North neighborhood and directly on the Chicago Riverwalk. Designed in 1958 by architect Bertrand Goldberg, the Marina City site was designed as a “city within a city” and it sits at the base of two condominium buildings, with the 450-space parking garage occupying the first 19 floors of each tower.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.