Chicago — The Boulder Group has brokered the $2.6 million sale of a single-tenant restaurant property in Chicago. Situated near Lincoln Village Shopping Center, Chipotle Mexican Grill occupies the 2,160-square-foot building on a 20-year lease. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based real estate investor, and the buyer, a Southwest-based real estate investment fund, in the transaction.
St. Charles, Ill. — Locally based Swanson Development Group and Fort Union have sold a freestanding, 30,505-square-foot retail property leased to Whole Foods Market in St. Charles, a western suburb of Chicago, for $17.3 million. The newly renovated Whole Foods Market, which formerly housed Blue Goose Market, currently occupies the space on a 20-year double-net lease. JLL represented the sellers in the transaction. The buyer was an affiliate of Benenson Capital Partners.
Deer Park, Ill. — Four new tenants have signed leases at Deer Park Town Center, a 407,293-square-foot lifestyle center located in Deer Park, roughly 35 miles northwest of downtown Chicago. LaserAway has already opened at the property. Warby Parker and American Eagle, which are both under construction, will debut in November. Lastly, Toastique will open its first location in Illinois at the property this winter. Deer Park Town Center features more than 60 retailers, restaurants and service-based tenants including Anthropologie, Barnes & Noble, Banana Republic, Bath & Body Works, California Pizza …
Algonquin, Ill. — Red Mountain Group has sold Algonquin Commons, a 548,000-square-foot power center located in the Chicago suburb of Algonquin. Nuveen Real Estate purchased the center for roughly $100 million, as reported by Shaw Local. Algonquin Commons is home to tenants such as Trader Joe’s, The Fresh Market, Nordstrom Rack, Bob’s Furniture, Ulta Beauty, Old Navy, Dick’s Sporting Goods and Barnes & Noble. During its ownership, Red Mountain Group has focused on repositioning and restabilizing the center since its acquisition, including increasing occupancy from 60 percent to more than …
Schaumburg, Ill. — UrbanStreet Group has broken ground on a 30-acre retail district at Veridian in the Chicago suburb of Schaumburg. The first phase of the district is expected to open in 2027 for apartments, while the retail portion is scheduled for fall 2026. The Veridian project involves the transformation of the former Motorola headquarters campus. The first phase of the retail district will include 100,000 square feet of walkable retail and international cuisine, anchored by a 26,000-square-foot The Fresh Market grocery store along with 321 apartments and year-round community …
Northbrook, Ill. — Northbrook, Illinois-based Pinstripes Holdings Inc., an entertainment venue known for dining, bowling and bocce, has filed for bankruptcy and closed 10 units. Pinstripes filed for Chapter 11 bankruptcy on Sept. 8 after accumulating a debt of roughly $143 million, as reported by several media sources. After going public in December 2023, Pinstripes is now down to eight operating locations and was delisted from the New York Stock Exchange in March due to financial stress, according to company representatives. The venues that will remain open are located in Bethesda, Maryland; Cleveland, Ohio; …
Naperville, Ill. — Mid-America Real Estate has brokered the sale of Pebblewood Commons, a 20,427-square-foot neighborhood center located in Naperville, a southwestern suburb of Chicago. Originally built in 2008 on 3.5 acres, the center is fully leased and features a mix of tenants including Starbucks Coffee, Firehouse Subs, FedEx and Sherwin-Williams. Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Schiller Park, Illinois-based Northern Builders in the transaction. The center was acquired by Curbline Properties.
Evanston, Ill. — Chicago-based Continuum Development has purchased Church Street Plaza, a 144,833-square-foot retail center located near Northwestern University in Evanston for $31.2 million. Originally built in 2000 and redeveloped in 2023, the property is 98 percent leased to tenants including Sky Zone and AMC Theatres, among others. Continuum Development is also leading a proposal for a 27-story apartment tower at Church and Clark Streets that would comprise 358 units and 2,900 square feet of ground-level retail.
East Peoria, Ill. — JLL Capital Markets has arranged the $21 million sale of The Levee District, a 137,304-square-foot, open-air retail power center located within the central Illinois town of East Peoria. Developed in 2013 on 11 acres, The Levee District consists of three buildings that are 94 percent leased. Tenants include Ulta Beauty, Best Buy, Ross Dress for Less and Boot Barn. The center is also shadow-anchored by Target, McDonald’s, Panera Bread and Red Robin. Michael Nieder and Brian Page of JLL’s investment sales and advisory team represented the seller, …
Atlanta and Chicago — Convenience retailer RaceTrac Inc. has entered into a definitive merger agreement to acquire all outstanding shares of fast-casual sandwich chain Potbelly Corp. for $17.12 per share. The all-cash transaction is valued at roughly $566 million, representing a premium of approximately 47 percent to Potbelly’s 90-day volume-weighted average price as of Sept. 9. The acquisition is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approvals. Founded more than 40 years ago in Chicago, Potbelly sells toasted sandwiches, salads, soups and hand-dipped …
