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Cushman & Wakefield: U.S. Retail Vacancy Reaches Record Low in Fourth Quarter

by Hayden Spiess

Chicago — Shopping center vacancy reached a record low during the fourth quarter of 2022, according to a report by Cushman & Wakefield. Vacancy rates declined 20 basis points quarter over quarter to 5.7 percent. Of the 81 markets tracked by the firm, 66 experienced positive net absorption. Chicago saw the highest net absorption with 1 million square feet, followed by 788,000 square feet in Phoenix; 574,000 square feet in Atlanta; 422,000 square feet in Denver; 397,000 square feet in Washington, D.C.; 392,000 square feet in Dallas/Fort Worth; and 353,000 …

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Grocery-anchoredIllinoisInvestment salesNews

Kimco Realty Sells Retail Center in Suburban Chicago for $20.5 Million

by Hayden Spiess

Batavia, Ill. — Kimco Realty has sold Wind Point Shopping Center, a 274,282-square-foot retail center located in Batavia, a western suburb of Chicago. PMAT acquired the property for $20.5 million. Amy Sands, Clinton Mitchell and Michael Nieder of JLL arranged the transaction on behalf of Kimco. Built in 1999, the retail center was 72.5 percent occupied at the time of sale. Aldi and Hobby Lobby anchor the property. Other tenants include Kohl’s, Office Max, Petland, Chili’s, Mattress Firm, AT&T and Swordfish Sushi.

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CaliforniaIllinoisInvestment salesNewsRestaurants

FCPT Purchases Buffalo Wild Wings Portfolio in Illinois for $14.3 Million

by Hayden Spiess

Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The properties have roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, California-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.

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IllinoisInvestment salesNet leaseNews

Marcus & Millichap Brokers $27 Million Sale of Two Retail Centers in Suburban Chicago

by Hayden Spiess

Elgin and Orland Park, Ill. — Marcus & Millichap has arranged the sale of two retail centers located in the Chicago suburbs of Orland Park and Elgin in transactions totaling $27 million. The first property, located in Orland Park, sold for $17.6 million. The center spans 20,732 square feet and includes three freestanding, single-tenant net-leased buildings and one multi-tenant building. The property was fully leased at the time of sale to tenants including BJ’s Brewhouse, Raising Cane’s and Smashburger. The second property, Galleria of Elgin, features two buildings totaling 24,000 …

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DevelopmentIllinoisLeasingNewsRestaurants

Structured Development, Burnt City Brewing Open District Brew Yards in Suburban Chicago

by Hayden Spiess

Wheeling, Ill. — Structured Development and Burnt City Brewing have opened a second District Brew Yards location in the Chicago suburb of Wheeling. Occupying the former Ram Restaurant & Brewery, which shuttered in 2019, the 11,668-square-foot space features five breweries: Burnt City Brewing, Around the Bend Beer Co., Casa Humilde Cerveceria, Twisted Hippo Brewing and Histrionic Brewlab. Guests can sample a range of beers and are charged by the ounce with a cashless system. Guests can also enjoy barbecue from Lillie’s Q, fried chicken and fish from Salt & Scratch …

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FinanceIllinoisInvestment salesNews

Bellwether Arranges $74.5 Million Loan for Chicagoland Shopping Center Portfolio

by Hayden Spiess

Chicago — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale. The sale included Cicero Marketplace in Cicero, Illinois; Northwest Shopping Center and English Valley in Palatine, Illinois; Golf Plaza II in Mount Prospect, Illinois; and Fox River Commons in Naperville, Illinois. Together, …

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DevelopmentIllinoisMixed-useNews

URW Plans Redevelopment of Westfield Old Orchard in Chicago

by Hayden Spiess

Chicago — Unibail-Rodamco-Westfield (URW) has announced plans for a mixed-use development at Westfield Old Orchard shopping center. Plans include retail, residential, dining, entertainment and health and wellness space, as well as an open-air plaza to host events. Work on the multi-phase project began this fall, with enhancements to the common areas. New tenants have also opened at the property, including Bloomingdale’s Bloomies concept, Louis Vuitton and Barnes & Noble. The project will continue in 2023 with the redevelopment of a space that formerly housed Lord & Taylor. Construction of the …

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IllinoisInvestment salesNewsRestaurants

Marcus & Millichap Arranges $6.6 Million Acquisition Financing for Retail Portfolio in Chicago Suburb

by Hayden Spiess

Orland Park, Ill. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants including Chipotle Mexican Grill, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender …

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IllinoisInvestment salesNews

Quantum Brokers $3.5 Million Sale of Multi-Tenant Retail Building in Chicago Suburb

by Hayden Spiess

Oak Lawn, Ill. — Quantum Real Estate Advisors Inc. has brokered the $3.5 million sale of a 13,000-square-foot retail building in the Chicago suburb of Oak Lawn. Built in the mid-2000s and known as 51st Avenue Station, the property was fully leased at the time of sale to Chiro One, Miracle One, Cold Stone Creamery and other local and national tenants. Chad Firsel and Brett Berlin of Quantum represented the seller, a private fund based in Illinois, in the 1031 exchange.

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