A former vaudeville and movie theater that was converted into a vertical mall on Chicago’s North Side in the 1970s is for sale, opening the door to The Century shopping center’s first ownership change in well over a decade.

JLL brokers have been hired to seek a buyer for the 1920s-era building at 2828 N. Clark St. in the Lakeview neighborhood, according to a brochure from the Chicago-based brokerage. It is billed as an opportunity to own a unique retail property along three high-traffic streets, with potential revenue upside from filling the 27% of the approximately 175,000 square feet that is not leased.

Originally called the Diversey Theatre and later renamed The Century, the building was gutted and converted into a vertical mall that still includes movies today. Some of the Terra cotta exterior was preserved during the redevelopment. Bon Aviv Investments, a New Jersey-based firm backed by Israeli investors, bought it for $17.5 million in December 2010, according to CoStar data.

The Century is going on the market following a sluggish 2023 for property sales across the country. But JLL said in a recent city retail report that improved customer spending, low overall urban retail vacancy and rising asking rents are likely to push up investment sales over the next 12 to 18 months.

In one recent Chicago deal, Great Neck, New York-based investment partners Mason Asset Management and Namdar Realty Group acquired a retail property at 701 N. Michigan Ave. that is mostly vacant. The lone tenant is Rolex.

It’s unclear how much the longtime owner expects in a sale. The firm did not immediately respond to a request to comment from CoStar News.

The Century offering includes eight levels of retail and medical office space, as well as a six-level, 408-stall parking garage. The largest tenants are LA Fitness gym, a seven-screen Landmark Century Cinema and an Aveda beauty training facility, according to JLL.

LA Fitness’ space on the seventh and eighth floors includes an indoor pool, saunas, personal training space and racquetball courts. Movies are shown on the fourth through sixth floors.

A buyer could keep “significant parking revenue” or spin off the parking portion of the property to a separate owner, JLL said.

CVS shuttered a store in the property but continues paying rent on a lease that runs through January 2038. Factoring in the CVS space, The Century is 33% vacant, according to the brochure.

The seller is represented by JLL brokers Keely Polczynski, Michael Nieder, Chris Knight and John Dettlaff.