Bargain hunters in Chicago’s Clybourn Corridor are getting a new magnet this fall, as T.J. Maxx signs on for a big slice of the North Avenue Collection and gives the once-struggling retail strip a much-needed jolt.
The off-price retailer has inked a 10-year deal for roughly 26,000 square feet of street-level space at 939 W. North, part of a broader push by the building’s new owners to modernize the property and revive its retail presence. The move is being touted as the most prominent retail win since the complex was sold at auction last year, and brokers say it could help restore steady foot traffic along the corridor.
As reported by Crain's Chicago Business, the lease runs for ten years and covers about 26,000 square feet. The outlet also notes that Gary Greenfield and Steven Baer of Metro Commercial represented T.J. Maxx, while Paul Bryant and Jaime Bertsche of Mid‑America Real Estate represented the landlord.
The property and the recent sale
The North Avenue Collection totals roughly 200,000 square feet, with about 95,000 square feet of retail, approximately 104,000 square feet of medical-office and fitness space, and an attached 350-space garage. Farpoint Development and MCZ Development acquired the property at auction in February 2024 for about $20 million, a steep drop from the roughly $89 million Principal Financial Group paid in 2004, at a time when the street-level retail was only about 15 percent leased, according to CBRE.
Developers' overhaul and financing
Since taking over, Farpoint and MCZ have started refreshing the building’s façade and amenities in an effort to land national retailers and make the stretch more inviting for pedestrians. Financing for the deal included an acquisition loan arranged in support of the purchase, according to local reporting on the financing and developer statements, as documented by Urbanize.
What it means for the corridor
A 26,000-square-foot T.J. Maxx on the ground floor is expected to bring a steady flow of bargain-focused shoppers to a corridor already lined with big-box and home-furnishings players. Brokers say that when a national name plants a flag, it generally gets easier to fill neighboring vacancies, and the retailer’s typical footprint lines up neatly with the building’s street-level layout.
Analysts view the deal as an early but meaningful vote of confidence in the effort to reposition the Clybourn Corridor. For additional context on T.J. Maxx’s tenant profile and broker relationships, see Metro Commercial and recent market reporting by The Real Deal.
