Bender Companies Bought Former Sears Site for $28M
The $28.45 million acquisition of the Ravenswood mixed-use building concludes a foreclosure lawsuit against a previous owner.
Updated on Oct. 14, 2026 in Commercial
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In December 2025, Bender Companies and Walker & Dunlop Investment Partners purchased the former Sears property at 1900 W Lawrence Ave. The $28.45 million transaction occurred in lieu of a foreclosure lawsuit brought by LoanCore Capital against CA Residential.
Why it matters
The deal resolves a $32 million foreclosure claim involving the property, which was redeveloped into 59 apartments and 19,000 square feet of retail space in 2021. Bender Companies pursued the asset to address the limited supply of newer, larger housing units in the Ravenswood area.
The property sold for $28.45 million, contributing to a total of $4.9 billion in Chicago multifamily sales during 2025. This annual volume represents the highest figure recorded in the region since 2022.
The players
Bender Companies
An investment firm that manages and acquires multifamily and commercial real estate properties.
Walker & Dunlop Investment Partners
An investment firm that provides capital for commercial real estate development and acquisitions.
LoanCore Capital
A commercial real estate lender that manages debt financing and loan enforcement actions.
CA Residential
A real estate development and management firm that operates residential rental properties.
The details
The transaction functioned as a sale in lieu of foreclosure, transferring ownership after CA Residential failed to meet loan obligations. By taking over the site, the new owners gain a mixed-use asset that had been dormant as a department store until its 2021 redevelopment. Future plans include structural upgrades and the addition of a fitness facility to the property.
Timeline
2016: The original Sears department store permanently closed.
2021: The property was redeveloped into a mixed-use building.
2022: Annual sales volume baseline for comparison.
2024: Chicago multifamily sales totaled $3.9 billion.
December 2025: Bender Companies finalized the acquisition.
Money Landscape
This acquisition mirrors the broader regional uptick in multifamily investment, which reached a level not seen since 2022. The deal highlights how investors are targeting redeveloped assets in established neighborhoods like Ravenswood to meet housing demand.
Local residents should monitor property listings for updates on building improvements and new amenity access. Consult a qualified professional if you have questions about how regional commercial property shifts impact local rental market conditions or neighborhood housing stability.
The takeaway
Commercial property shifts often signal broader investment patterns in local neighborhoods that can influence long-term housing availability. Monitor local real estate investment announcements or community planning reports for insight into how developers intend to update existing residential sites.
Further reading
For more information on market trends, visit Commercial.
Source note: This article includes information reported by Economic Times.
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