TRANSFORMING AN EMPTY STRUCTURE INTO A MAJOR MIXED-USE ASSET
In December 2012, JEMB Realty bought the old Bonwit Teller building, which later housed Daffy's department store. At the time of purchase, the building was a completely vacant and severely neglected asset. JEMB has since been successful in revitalizing a very important corner of this prominent retail corridor. For the retail portion of the site, JEMB secured a long-term deal with Nordstrom Rack, a new brand of Nordstrom department store. Opened in October 2014, this major retailer now occupies some 40,000 square feet from the basement to the third floor. After stabilizing the property, JEMB sold 1700 Chestnut Street in November 2014.
1700 Chestnut Street is a good example of successful asset repositioning.