Illinois

Chicago — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually. The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in 1983. The 1.2-acre Neiman Marcus boasts the largest continuous frontage on Michigan Avenue at 200 feet. Amy …

Bolingbrook, Ill. — M&J Wilkow and Bixby Bridge Capital have acquired The Promenade Bolingbrook in Bolingbrook, about 33 miles from Chicago. The open-air lifestyle center spans 779,000 square feet. Some of the tenants include Macy’s, Bass Pro Shops, Binny’s Beverage Depot, Ulta Beauty and DSW. The shopping center opened in 2007.

Wilmette, Ill. — Newport Capital Partners has sold Edens Plaza in Wilmette, about 18 miles from Chicago, for $110 million. WS Development was the buyer. The shopping center spans 350,000 square feet. Current tenants include The Fresh Market, Walgreens, Chicagoland Children’s Health Alliance, Starbucks Coffee and Big Blue Swim School. The property also comprises a two-story department store that was formerly occupied by Carson Pirie Scott and is currently vacant. Newport acquired Edens Plaza in 2018 and the vacant department store in 2019. WS plans to open the first-ever bricks-and-mortar …

Melrose Park, Ill. — NewMark Merrill Cos. Inc. has sold a 90,000-square-foot building at Winston Plaza, a 400,000-square-foot shopping center in the Chicago suburb of Melrose Park. Cermak Fresh Market acquired the building and plans to open a new grocery store by the end of this year. Sandy Sigal and Brad Pearl represented NewMark Merrill on an internal basis alongside Joe Parrott and Sean McCourt of CBRE. Dino Geroulis and John Roberson of Axis Realty represented Cermak. Kostas Kavayiotidis of Pacific Southwest Realty structured financing. Anchor tenants at Winston Plaza …

Lincoln, Ill. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks Coffee in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.

Chicago — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.