Bender Companies Acquired Former Sears Site
The firm purchased the Ravenswood mixed-use property for $28.45 million following a foreclosure lawsuit.
Updated on Oct. 14, 2026 in Commercial
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In December 2025, Bender Companies and Walker & Dunlop Investment Partners acquired the mixed-use building at 1900 W Lawrence Ave. The property, formerly a Sears department store, sold for $28.45 million after a foreclosure lawsuit.
Why it matters
The acquisition concludes a foreclosure action triggered by CA Residential's failure to repay a loan. Bender Companies targeted the site due to the limited local supply of newer, large apartments in Ravenswood.
The building includes 59 apartments and 19,000 square feet of retail space. Total Chicago multifamily sales reached $4.9 billion in 2025, an increase from $3.9 billion in 2024.
The players
Bender Companies
This is a real estate investment firm that focuses on acquiring and improving residential and mixed-use properties.
Walker & Dunlop Investment Partners
This firm is an investment manager that provides capital for commercial real estate developments and acquisitions.
LoanCore Capital
This is a commercial real estate finance company that initiates foreclosure lawsuits when borrowers default on their loan obligations.
CA Residential
This is a real estate development firm that previously managed the property before failing to repay its loan.
The details
The site was redeveloped into its current mixed-use format in 2021 after the original department store closed in 2016. The new owners plan to implement interior and exterior building upgrades, including the addition of a fitness area.
Timeline
The Sears store permanently closed in 2016.
The building was redeveloped into a mixed-use property in 2021.
Chicago area multifamily sales were compared against 2022 levels.
Multifamily sales in the area totaled $3.9 billion in 2024.
Bender Companies announced the acquisition in December 2025.
Culture Shift
This transaction reflects a broader rebound in the Chicago real estate market as 2025 sales volume reached the highest level since 2022. The deal highlights the shift toward repositioning former big-box retail assets into modern mixed-use living spaces.
Residents may see changes to the building's aesthetic and amenities as the new owners begin planned interior and exterior upgrades. The addition of a fitness space will provide new on-site facilities for current and future apartment tenants.
The takeaway
The acquisition signals investor confidence in the Ravenswood area's demand for modernized, mixed-use housing. Residents and potential tenants should look for upcoming improvements as the new management team prioritizes property upgrades.
Further reading
For more information on the local market, visit Chicago Commercial.
Source note: This article includes information reported by Economic Times.
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