Storm Gathers Over Chicago Retail Property

Our state's only black-owned grocery store is having their own set of issues right now!

The owner is a former dairy wholesaler named Karriem Beyah. He says he wants his store, Farmers Best Market, to help reduce obesity in the neighborhood.

BEYAH: Because there are not viable grocery stores where the consumer can buy healthy products—fresh head of lettuce, fresh dairy, fresh meat.

But Beyah’s produce section is empty. He sold down his perishables a month ago and locked the store’s doors. He’s out of money.

BEYAH: At this size, in this area, you need seven figures— a million or more.

MITCHELL: How much did you have?

BEYAH: I had about a quarter of that.

Beyah says many of those dollars came from a line of credit against his house. He says that discouraged other lenders from stepping up.

BEYAH: ‘It’s liened against your home? Well, we want that cleared before we can loan you money.’ Well, I need that. That’s how I’m making it.

MATANKY: When your tenants can’t get financing, it just throws another monkey wrench at the deal.

James Matanky, Beyah’s landlord, develops strip malls. He knows how to make them work, even in low-income areas. He brings in tenants ranging from dress shops to health clinics, restaurants to post offices.

This is more about commercial real estate as opposed to Beyah's store, but go read the whole thing anyway.

EDIT: I forgot to post a link to the CPR story! Sorry about that!