The family that owns the Chicago Cubs will take control of its 11th rooftop business property across from Wrigley Field, part of a contract dispute settlement with the building’s owner.
Hickory Street Capital, a venture of the team-owning Ricketts family that has had a financial stake in Down the Line Rooftop since 2010, will purchase the building at 3621-3625 Sheffield Ave. outright for an undisclosed amount, sources familiar with the deal confirmed.
That resolves a complaint filed by the Ricketts venture in July 2015 seeking a Cook County court judgment that would force the building’s owner, 3625 Sheffield LLC, to sell the property to Hickory Street Capital.
By purchasing the Down the Line Rooftop building, the Ricketts family will own all but five of the 16 rooftop properties across the street from the Wrigley Field bleachers.
The Cubs owners have acquired all 11 of their rooftop properties since January 2015, a key piece of their larger strategy to develop an entertainment district around the 102-year-old Friendly Confines.