Team buys three more rooftops on Sheffield Ave
The Ricketts family continues to do all they can to see that the interests of the Chicago Cubs are protected, as they purchased three more surrounding rooftops near Wrigley Field. The process to acquire these building was certainly more civil than the rest of the building have been.
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The buildings were sold to Ricketts and the Cubs by Sheffield Finance, owned by Jerry Lasky and Murray Peretz, partners in Spectrum Real Estate, a Chicago commercial real estate business. The properties had been in court for foreclosure after Fifth Third Bank sued the owners of the rooftops and accompanying operations, alleging they owed more than $18 million on mortgage and missed payments.
Sheffield Finance later purchased a part of the debt, later replacing Fifth Third as the plaintiff in the case. Lasky, who calls himself a diehard Cubs fan, felt the Ricketts should own the properties.
"“I always felt these rooftops were an extension of Wrigley Field and they belong with the Ricketts family,” said Lasky, “It was a natural fit.”"
With the purchase of these three properties on Sheffield, that leaves only three on the street that they don’t own. Murphy’s Rooftop, at the corner of Waveland and Sheffield and above Murphy’s Bleachers; and Skybox on Sheffield and Lakeview Baseball Club, which have sued the team in federal court. That suit is pending.
George Loukas, who sold two properties to the Rickett’s family earlier this year will manage the rooftops. He runs popular bars in Wrigleyville, and still owns one rooftop business.
Lasky had admired what the Cubs were doing to reinvigorate Wrigley and the surrounding area, and approached team executives about a deal. There were no other interested buyers at that time.
“I went to the Cubs and made the transaction with Tom and Crane,” he said. “They were a pleasure to deal with.”
The Cubs released this statement:
“The Ricketts family has said in the past they are interested in reasonable opportunities to purchase rooftop property and are willing to pay a fair price. In this case, we were able to acquire three buildings. The rooftop situation has been a political and legal morass for more than a decade and the Ricketts family will remain interested in opportunities which make sound business sense.”
The drama that has played out between the two sides continues to draw closer to a close, but there are still more battles in court to be had. But with the process that has taken place with the left-field bleachers open, the left and right field video boards operational, and the right-field bleachers scheduled to open in June it’s feeling like it’s nearing an end soon.
The only battles the Cubs and their fans want to hear about are for the NL Central or the Wild Card.