Goldblatt’s site bought
By Stefano Esposito Staff Reporter firstname.lastname@example.org June 26, 2012 7:52PM
Historic photo of Goldblatt's. Sun-Times Media file photo
Updated: July 28, 2012 6:32AM
The former Goldblatt’s department store in Uptown — vacant since the Borders bookstore moved out last year — has a new owner.
Joshua Mintzer, head of Saxony Capital LLC, said he closed on the elegant old building and adjoining real estate in the 4700 block of North Broadway earlier this month, paying $3 million to the previous owner, Cole Taylor Bank.
Mintzer, who said he typically buys “ ‘C’ buildings in ‘A’ locations,” said he was attracted — among other things — by the building’s location to a host of music venues, including the Green Mill, the Riviera Theatre and the Aragon Ballroom — and Mayor Rahm Emanuel’s talk about possibly turning the area into an entertainment district.
Mintzer said he also likes the fact that the property is close to two Red Line L stops.
“The building is immaculate,” Mintzer said. “It’s a beautiful building. Borders took amazing care of it, and you can tell. The roof and the facade are in great shape.”
The Borders store occupied about 26,000 square feet on two floors. Mintzer says he doubts he will be able to find a single tenant to take over the entire space.
“I’ll probably ultimately get several users to take the space,” he said, promising that whatever businesses move in will be “in keeping with the neighborhood, and something the neighborhood would ultimately need and want.”
In addition to the former Borders building, Mintzer also bought about 13,000 square feet of adjoining real estate with existing retail.
“The existing tenants have been there since the development first began, almost 10 years ago,” Mintzer said. “Obviously, it says something about the location that no one has left, with the exception — obviously — of Borders.”
He said he does not yet have any renters for the building.