The late-night Taco Bell across from Wrigley Field may be a fading memory, but the gleaming four-story retail complex that took its place is very much for sale. The building at 1115 W. Addison Street has hit the market with an asking price just over $33 million, a price tag tied to its mix of national fast-casual chains, a bank branch and a full-scale climbing gym packed onto one high-traffic Wrigleyville corner. Brokers are pitching it as a mostly stabilized, event-driven play that soaks up game-night and concert foot traffic.
Property hits the market
The owners have tapped Dash Commercial Real Estate Advisors to find a buyer, with marketing materials pegging the ask at a little more than $33 million and an implied capitalization rate of about 6%, according to CoStar. The building totals roughly 58,819 square feet, is more than 99% leased and has an average weighted lease term approaching 11 years, features intended to appeal to investors chasing relatively passive, triple-net income. Tenants listed in the offering include a climbing gym, a Chase bank branch, Taco Bell Cantina, Culver’s and Crumbl Cookies, per marketing materials reported by CoStar.
From Taco Bell to multi-tenant block
The single-story Taco Bell that once fueled generations of post-game cravings was replaced during the pandemic period by the modern, multi-tenant building that stands there now, turning a late-night staple into a four-story retail and fitness hub as work wrapped. Early coverage laid out the finished center and its anchor tenants in detail, and the demolition set off a wave of neighborhood reaction that included petitions and a tongue-in-cheek “wake” held by locals still mourning the old spot, according to reporting by Eater Chicago.
Developer history and financing
Local investors Benjamin Cohen and Elliot Berman bought the site in 2017 for just over $8.9 million, then lined up a roughly $22 million construction loan from Old Second Bank in March 2020 to fund the redevelopment. The project reached completion by 2021, according to CoStar. The owners previously tested the market in 2022 but did not secure a buyer, including a subsequent attempt that carried a higher asking price the following year.
Why buyers might be watching
Prospective buyers sizing up the deal will have to balance the steady stream of event-day traffic and long-term leases against pricing that reflects a fully stabilized income stream. A prior marketing push in 2022 pegged the property’s value near $35.7 million and cited net operating income that translated to a lower initial yield, a reminder that Wrigleyville expectations can move quickly as demand shifts for turnkey retail real estate near major venues, per The Real Deal.
