Sign up for a free Courant newsletter for a chance to win $100 P.C. Richard gift card

Cubs owner pays $3 million for two rooftop apartment buildings

and Contact ReporterChicago Tribune
Cubs' owner pays $3 million for two rooftop apartment buildings

The Ricketts family, owner of the Chicago Cubs, paid $3 million for two apartment buildings overlooking Wrigley Field that have rooftop businesses, according to Cook County property records.

The properties were sold by George Loukas, who owns the Cubby Bear and Sports Corner bars near the stadium.

The price doesn't include the rooftop businesses, which Loukas also sold to the Cubs owner. A Ricketts family spokesman declined comment on the price paid for the rooftop operations.

Loukas said he decided to sell because financial pressures in recent years were growing and he wanted to do what he considered best for his family's future.

"I asked the people that we were negotiating with that I wanted a fair price — and I understood the situation I was in — and I tried to be as professional as I could about the situation as possible," he said. "I wanted to make the best decision for myself and for my family for the long term. And they gave me a fair price, which is what I was asking for."

Loukas still owns the building at 3609 N. Sheffield Ave., which houses the Sports Corner, and also has a rooftop business.

The Tribune reported the transactions Friday but sale prices were not available at that time.

Property records show that Loukas' property at 1032 W. Waveland Ave. sold for $1.65 million while his building at 3643 N. Sheffield Ave. sold for $1.35 million.

The transactions closed Jan. 8, according to county property records.

The Ricketts family, who bought the team in 2009 for $845 million, also acquired the property and rooftop business at 3639 N. Sheffield Ave. this month. The family paid $4.2 million for the real estate.

The family is buying surrounding rooftop properties as the team embarks on a $375 million renovation of Wrigley Field. The renovation includes plans to install two large-scale scoreboards and four advertising signs in the outfield, which could potentially block views from surrounding rooftops.

Two rooftop clubs next to Loukas' former rooftop on Sheffield Avenue sued the Cubs and team chairman Tom Ricketts Tuesday, accusing the team of violating the terms of its revenue-sharing contract in which the Cubs agreed not to obstruct their views.

The team said it will fight the lawsuit.

asachdev@tribpub.com

Twitter @ameetsachdev

jahopkins@tribpub.com

Twitter @JaredSHopkins

Copyright © 2017, CT Now
29°