Buffalo Grove, Ill. — Quantum Real Estate Advisors Inc. has brokered the $3.9 million sale of a 94,000-square-foot shopping center located in the northwest Chicago suburb of Buffalo Grove. At the time of sale, the property was 51 percent leased to tenants including Aldi, Dollar Tree and AutoZone. Brett Berlin of Quantum represented the buyer, a private developer based in Illinois that plans to redevelop the center. The previous owner lost the property to its lender.
Lombard, Ill. — A joint venture between Pacific Retail Capital Partners (PRCP) and Synergy Construction Group has broken ground on the mixed-use redevelopment of Yorktown Center, an enclosed regional mall located in the Chicago suburb of Lombard. The 1.2 million-square-foot mall opened its doors in October 1968. The 130-acre property is currently home to over 170 stores and restaurants, including anchors Von Maur and JCPenney. The joint venture acquired a 217,887-square-foot anchor building at the site that was formerly occupied by Carson Pirie Scott in fall 2022. The property will be …
South Elgin, Ill. — JLL Capital Markets has arranged the sale of South Elgin Commons, a shopping center in South Elgin, roughly 40 miles outside Chicago. Tenants at the property, which was built in 2011 and partially renovated in 2021 and 2024, include Ross Dress for Less, T.J. Maxx, Five Below and Advocate Health Care. The center was fully occupied at the time of sale. L2 Partners acquired the property from PMAT Real Estate Investments. Michael Nieder and Keely Polczynski of JLL represented the seller in the transaction.
Vernon Hills, Ill. — Marcus & Millichap has brokered the $10.5 million sale of Hawthorn Village Commons, a shopping center located in Vernon Hills, roughly 40 miles outside Chicago. Built in 1981, the property comprises 51,815 square feet. Tenants at the center include Hobby Lobby, Dollar Tree, Panda Express, Wendy’s and Subway. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller in the transaction. Steven Weinstock assisted in closing the sale as the firm’s broker of record in Illinois.
Chicago — Hardware retailer True Value Co. LLC has initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware. The Chicago-based retailer has also entered into an agreement to sell substantially all of its business operations to Do it Best Corp., another entity within the home improvement retail sector and former rival. According to Reuters, Do it Best will serve as the stalking horse bidder for True Value with an acquisition price set at $153 million in cash and the assumption of $45 million in contracts and …
Deerfield, Ill. — Walgreens Boots Alliance Inc. (Nasdaq: WBA) unveiled in its fiscal year 2024 earnings report that it plans to close 1,200 stores over the next three years, with roughly 500 of the closures scheduled for the 2025 fiscal year. “In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” says Tim Wentworth, chief executive officer of Walgreens. “Fiscal 2025 will be …
Springfield, Ill. — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a single-tenant retail property located in Springfield. Starbucks Coffee occupies the building, which is positioned on a site that serves as an outparcel to Walmart Supercenter, Target and Aldi. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction. Starbucks has roughly five years remaining on its lease at the property.
Oak Brook, Ill. — Pine Tree has been awarded the management of retail portfolio comprising one million square feet across 16 properties in metro Chicago. Newcastle Properties is the owner. The portfolio includes Bloomingdale Auto Center and Bloomingdale Square in Bloomingdale; Aspen Point in Vernon Hills; Deerfield Commons and Cadwell’s Corners in Deerfield; Boardwalk Plaza and Orchard Plaza in Skokie; Dempster Plaza in Niles; Eastgate Plaza in Naperville; Fox Valley Auto Center in Aurora; Huntley Retail Center and Milrand Retail Center in Carpentersville; Market Square in Bolingbrook; and Parkview Plaza, Cicero …
Vernon Hills, Ill. — Three new tenants have signed leases at Hawthorn, a shopping center in Vernon Hills, roughly 40 miles outside Chicago. Pure Barre has opened a 1,768-square-foot studio at the property, and Yard House will open a 7,765-square-foot restaurant. Rootz has also signed a lease at the center and is scheduled to open within a 7,222-square-foot space in the fourth quarter of 2025. Hawthorn, which opened in 1973, is also currently undergoing a mixed-use redevelopment.
Schaumburg, Ill. — CBRE has arranged the sale of Woodfield Village Green, a 420,740-square-foot shopping center located in Schaumburg, roughly 30 miles outside Chicago. Bridge33 Capital acquired the property from an undisclosed seller. Tenants at the center include Trader Joe’s, Marshalls, Nordstrom Rack, The Container Store, Bloomingdale’s Outlet, PetSmart and HomeGoods. CBRE represented the seller in the transaction.
