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Key Points
A former Sears department store in Chicago's Ravenswood neighborhood, which was redeveloped into 59 apartments and 19,000 square feet of retail, sold for $29 million.
The deal, which was a "sale in lieu of foreclosure," resolves a lawsuit against the property's previous owner, CA Residential, an offshoot of Chicago-based CA Ventures.
Chicago-based Bender Companies and Denver-based Walker & Dunlop Investment Partners bought the property, with Bender planning upgrades and citing a shortage of larger apartment offerings in Ravenswood as a key driver.