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Orion Acquires $50 Million Retail Portfolio Located in Florida, Texas, Illinois

by Hayden Spiess

Miami — Miami-based Orion Real Estate Group has acquired a retail portfolio located in Florida, Texas and Illinois for $50 million. An undisclosed family office sold the portfolio, which totals 94,000 square feet across 12 properties. Tenants at the properties — which include 11 single-tenant properties and two two-tenant properties — include banks, a fitness center, pharmacy, urgent care facility and quick-service restaurant. Alex Sharrin, Jeff Cicurel, Eric Osika and Noel O’Donnell of JLL Capital Markets represented the seller in the transaction. 

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Bulls, Blackhawks Owners Unveil Plans for $7 Billion Transformation of Chicago Athletic District

by Hayden Spiess

Chicago — The owners of the NBA’s Chicago Bulls and NHL’s Chicago Blackhawks have unveiled plans for the transformation of the area around their shared venue, the United Center. The initiative is known as The 1901 Project, and development costs are estimated at $7 billion. Michael Reinsdorf, CEO of the Bulls and son of owner Jerry Reinsdorf, formally announced the project on Tuesday, July 23. The elder Reinsdorf, along with Blackhawks owner Danny Wirtz, co-owns the United Center, where both teams have played since 1994. The name is a reference to …

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Quantum Arranges $8.5 Million Sale of Retail Center in St. Charles, Illinois

by Hayden Spiess

St. Charles, Ill. — Quantum Real Estate Advisors Inc. has arranged the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, approximately 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to tenants including Syrup, Consume Cannabis, CD One Price and La Huerta Market. Brett Berlin of Quantum represented the seller, an Illinois-based developer. A private group of investors based in Illinois and New Jersey acquired the center.

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Bally’s Releases Updated Plan for $1.7 Billion Casino Project in Chicago

by Hayden Spiess

Chicago — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a …

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IllinoisInvestment salesNews

Inland Sells 101,157-Square-Foot Retail Property in Chicago Suburb

by Hayden Spiess

Downers Grove, Ill. — Inland Private Capital Corp. (IPC) has sold a 101,157-square-foot retail property located in the southwest Chicago suburb of Downers Grove. Best Buy and Golf Galaxy occupy the development, with 62,860-square-foot and 38,297-square-foot spaces, respectively. IPC, through its subsidiary that serves as an asset manager, facilitated the sale of the property on behalf of Downers Grove Retail DST, one of IPC’s 1031 investment programs.

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Walgreens Considers 2,150 Underperforming Stores for Potential Closure

by Hayden Spiess

Deerfield, Ill. — Walgreens (NASDAQ: WBA) is set to close a significant portion of its store locations across the United States over the next three years. The company is finalizing its “footprint optimization program” after failing to meet earnings expectations in its fiscal third quarter, which ended May 31. Walgreens CEO Tim Wentworth reported in the company’s earnings call on Thursday morning that 25 percent of stores in the United States were not profitable, and that “changes are imminent” for those locations. The retail pharmacy chain currently runs about 8,600 locations …

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Next Realty Sells 60,000-Square-Foot Grocery-Anchored Shopping Center in Chicago Suburb

by Hayden Spiess

Barrington, Ill. — An affiliate of Next Realty LLC has sold The Shops at Flint Creek in the northwest Chicago suburb of Barrington to a private investor for an undisclosed price. Heinen’s anchors the 60,000-square-foot property. Additional tenants at the center include Athletico, Ascension Medical Group Illinois, Epic Burger and Club Pilates. Sean Sharko of Marcus & Millichap represented Next, which purchased the property in 2014, in the transaction. 

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Mid-America Arranges Sale of 108,412-Square-Foot Iroquois Center in Metro Chicago

by Hayden Spiess

Naperville, Ill. — Mid-America Real Estate Corp. has arranged the sale of Iroquois Center, a 108,412-square-foot shopping center in Naperville, roughly 30 miles outside Chicago. Northpond Partners acquired the property for an undisclosed price. Tenants at the center include Planet Fitness, Duly Health and Care, Illiana Financial Credit Union and Cookies by Design. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors, in the transaction. Pine Tree managed the property at the time of sale. 

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Pine Tree Acquires 2.5 Million-Square-Foot Retail Portfolio from SITE Centers for $495 Million

by Hayden Spiess

Northbrook, Ill. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million.  The portfolio comprises 2.5 million square feet and feature properties in metros including Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The properties included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and …

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Core Acquisitions Purchases Rice Lake Square Shopping Center in Suburban Chicago for $34.2 Million

by Hayden Spiess

Wheaton, Ill. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center located in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants at the center, which was 76 percent leased at the time of sale, include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller in the transaction. Old National …

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