Logan Square Megamall Listed For Sale
By Chuck Sudo in News on Jun 25, 2014 1:30PM
Photo credit: Rachelle Bowden
The Logan Square Megamall, a decaying anachronism in the gentrifying Northwest side neighborhood, could be put to better use sometime soon.
According to DNAInfo Chicago the indoor flea market is listed for sale on a commercial real estate development website. Terraco Real Estate & Development has a contract option to buy the building. Ald. Scott Waguespack (32nd), in whose ward the Megamall falls, would like to see a grocery store there and Terraco specializes in commercial retail real estate. From their website:
Terraco has developed more than 100 properties totaling over 5,000,000 square feet on over 1,000 plus acres. Terraco has been involved in over 2,000 lease transactions throughout its 29-year history, and over fifty percent of property management contracts are for the benefit of third parties.
Tenants include Walgreens, Starbucks, and Trader Joe’s, Wal-Mart, Home Depot, Lowe’s, Target and Barnes and Noble. Terraco has also sub-divided large tracts for mixed use purposes which have included residential, office and retail components.
Waguespack’s chief of staff, Paul Savojek, said Terraco issued preliminary plans for the building to the alderman’s office. State Rep.-elect Will Guzzardi also wants to see a grocery store in the area, as well as some green space.