Freeport, Ill. — Mid-America Real Estate Corp. has brokered the sale of Freeport Plaza, a shopping center located in Freeport. CRE Pro acquired the 87,846-square-foot property, which is anchored by a 62,000-square-foot Cub Foods. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, a publicly traded REIT. The center was 87 percent leased at the time of sale, and Cub Foods recently extended its lease to 2027.
Northbrook, Ill. — JRW Realty has arranged the acquisition of a 90,408-square-foot Mariano’s grocery store located in Northbrook, a suburb of Chicago. Christopher Thompson of JRW represented the institutional buyers, who purchased the store as part of a focus on acquiring net-leased properties. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger.
Wauconda, Ill. — AmCap Inc., in a joint venture with Encore Enterprises, has acquired Liberty Square, a 107,431-square-foot retail center located in the Chicago suburb of Wauconda. Anchored by a 54,522-square-foot Jewel-Osco, the shopping center was 97 percent leased at the time of sale to tenants including UPS, Charter Fitness, KFC, Subway, Pet Supplies Plus and PNC Bank. This acquisition marks AmCap’s fifth grocery-anchored retail center in the Chicago area. Ben Wineman of Mid-America Real Estate Corp. brokered the transaction.
Vernon Hills, Ill. — Dallas-based real estate firm Centennial has revealed plans to expand on its Hawthorn 2.0 redevelopment of Hawthorn Mall, a super-regional shopping center in Vernon Hills, a northern suburb of Chicago. Built in 1973, the mall currently houses over 120 retailers. Centennial first announced the redevelopment of Hawthorn Mall in 2019, which included new retail and dining options, luxury multifamily housing and indoor/outdoor gathering spaces. The expanded plans nearly triple the new development at the property and include 162 units of seniors housing, a 25,000-square-foot grocery store …
Belvidere, Ill. — Anytime Fitness has signed a 6,276-square-foot retail lease at Southtowne Shopping Center in Belvidere, a city in northern Illinois. The property is located at the corner of Highway 20 and Pearl Street. Rick Scardino of Lee & Associates represented the landlord, Southtowne Ventures LLC, in the transaction. Jack Siragusa of CBRE represented the tenant.
Naperville, Ill. — Newcastle Properties is set to begin construction on an 8,300-square-foot, multi-tenant outlot building and a 3,260-square-foot endcap space at Eastgate Crossing in the Chicago suburb of Naperville. The new development will be home to Kura Revolving Sushi Bar and NaanSense, an Indian fast-casual chain. Adam Cody of JLL represented Kura, and Phil Golding of CBRE represented NaanSense in the leasing transactions. Midwest Construction Partners will serve as general contractor, and Sean Devine of Newcastle Properties is the project manager. Eastgate Crossing currently spans 270,327 square feet and …
Lakemoor, Ill. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks Coffee in Lakemoor, located in Northeast Illinois. The net-leased building is situated within the larger Lakemoor Commons development, which is home to tenants such as Heartland Dental, Chipotle Mexican Grill and Buona Beef. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.
Chicago — Chicago-based Puttshack, an indoor mini golf venue, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will …
Joliet, Ill. — PENN Entertainment has unveiled plans to build Hollywood Casino Joliet at the Rock Run Crossings development in Joliet, roughly 35 miles southwest of Chicago. Construction is expected to begin in late 2023, subject to local regulatory approval. The project has an estimated budget of $185 million and will combine gaming, dining and 10,000 square feet of meeting and event space. The land-based casino will replace PENN’s riverboat casino in Joliet. Cullinan Properties owns Rock Run Crossings, which spans 310 acres and 1 million square feet.
Plainfield, Ill. — Marcus & Millichap has brokered the $1.9 million sale of a Chili’s ground lease in Plainfield, about 40 miles southwest of Chicago. The restaurant building spans 6,150 square feet. The property at 12740 Illinois Route 59 is situated near Target, Ross Dress for Less and Five Below stores. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a Chicagoland private investor and limited liability company.
