Chicago — NewMark Merrill Cos. Inc. has acquired Bricktown Square, a 292,309-square-foot retail center located at the northwest corner of N. Narragansett and W. Fullerton avenues in Chicago. Ross Dress for Less, Harbor Freight Tools, Aldi Stores, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market anchor the center. Upgrades to the property are planned under the new ownership, including the addition of updated signage. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill in-house. The seller, Bonnie Investment Group, was self-represented in the transaction. …
Carpentersville, Ill. — Hanley Investment Group Real Estate Advisors has arranged the $4 million sale of Shoppes on Route 31, an 11,035-square-foot multi-tenant retail property located roughly 42 miles outside Chicago in Carpentersville. Home Depot shadow-anchors the property, which is fully occupied by Panda Express, ATI Physical Therapy, Game Stop, a dental office, SportClips and T-Mobile. Brad Dessy of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a private investor based in Arizona. Chuck Wasker of Colliers International represented the buyer, a private investor based in San …
Algonquin, Ill. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta Beauty, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest $30 million for the renovation and repositioning of the center. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While …
Chicago, New York City and London — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million. The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New …
Chicago — Chicago-based Stream Capital Partners LLC has arranged a $29 million sale-leaseback of a portfolio of nine quick service restaurants located throughout Texas. Palenque Group, which operates 34 restaurants throughout the state under the Taco Palenque, Pollo Palenque and Palenque Grill brands, was the seller and will continue to occupy the properties. The buyer was not disclosed. Chelsea Mandel of Stream Capital Partners brokered the deal.
Pekin, Ill. — Friedman Real Estate has brokered the sale of Broadway Village Shopping Center in Pekin, about 10 miles south of Peoria. The 69,584-square-foot property, built in 1970, is located on Broadway Street. Dollar General is the sole tenant in the center, which at the time of sale was only 8 percent occupied. Kyle Simon of Friedman brokered the sale. Buon Properties LLC purchased the asset from Cohen Development Co.
Chicago — JLL Capital Markets has arranged $197 million in senior debt for the refinancing of a 10-property retail portfolio totaling over one million square feet. The portfolio is located in metropolitan areas surrounding Baltimore, Maryland; Chicago; San Diego; Los Angeles; San Francisco; Seattle; and Washington, D.C. Tarik Bateh, Greg Brown, Bruce Ganong, Keith Largay, Chris Hew and Drew Heitstuman of JLL secured 10 independent first mortgage loans on behalf of the borrower, an existing co-investment partnership managed by Regency Centers Corp. Financing was provided by Hartford Investment Management Co. …
Elmhurst, Ill. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks Coffee, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.
Schaumburg, Ill. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.
Woodridge, Ill. — Marcus & Millichap has brokered the $5.3 million sale of a 13,100-square-foot property occupied by CVS/pharmacy in Woodridge, a southwest suburb of Chicago. The net-leased building is located at 8645 Woodward Ave. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor based in Florida. The asset sold at 94 percent of the list price to an undisclosed buyer. CVS has over 10 years remaining on its lease.