Wheaton, Ill. — JLL Capital Markets has secured a $41.7 million financing of Danada Square West, a 314,819-square-foot grocery-anchored shopping center located in Wheaton, roughly 25 miles west of Chicago. DLC Management Corp. is the borrower. Constructed in 1988, the center — which was 92.7 percent leased at the time of sale — is anchored by Jewel-Osco. Other tenants at the property include T.J. Maxx, HomeGoods, Burlington, The Paper Store, Ulta Beauty and Five Below. Scott Aiese, Christopher Knight and Alex Staikos of JLL represented the borrower in arranging the …
Oak Brook, III. — Pine Tree has received a $247 million loan from New York Life Real Estate Investors for portfolio of six shopping centers located in Florida, Arizona, Oregon and Ohio. Pine Tree acquired the properties earlier this year in partnership with an undisclosed state pension fund for $495 million. The centers include The Fountains in Plantation, Florida (430,000 square feet); Arrowhead Crossing in Phoenix (362,000 square feet); Easton Market (501,000 square feet) and Polaris Towne Center (459,000 square feet) in Columbus, Ohio; Kenwood Square in Cincinnati (424,000 square feet); and Tanasbourne Town Center in Hillsboro, Oregon (300,000 square feet). Tenants at the centers, which were 95 percent leased at the time of financing, include Nordstrom Rack, Ulta Beauty, Target, Dick’s Sporting …
Aurora, Ill. — Marcus & Millichap has negotiated the sale of a six-tenant retail center located in Aurora. Built in 2010, the property totals 12,684 square feet. A private investor acquired the center, which was fully occupied at the time of sale, for $3.4 million. Coult Greenwell and Mitchell Kiven of Marcus & Millichap represented the seller in the transaction.
Lake Zurich, Ill. — Marcus & Millichap has brokered the $7.7 million sale of Lakeview Plaza, a retail strip center totaling 52,400 square feet in the Chicago suburb of Lake Zurich. Built in 1987, the property is home to restaurants, health and fitness tenants, and automotive service users. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a family office specializing in owning and operating shopping centers.
Belleville, Ill. — Timber Development Co. has acquired Belleville Crossings, a retail center located in Belleville, for $6.5 million. Target, The Home Depot and PetSmart anchor the property, which totals 325,000 square feet and was 60 percent leased at the time of acquisition. Other tenants at the center include Dollar Tree, Maurices, Hibbits Sporting Goods and Famous Footwear. Michael Austry of CBRE represented the seller in the transaction.
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 …
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