Chicago — Fast-casual Mediterranean restaurant chain Roti has filed for Chapter 11 bankruptcy protection, with plans to seek new investors or purchasers while reorganizing finances. The Chicago-based company, which was founded in 2006, intends to keep units in the Chicago, Minneapolis and Washington, D.C. metros open throughout the process. The company cites the effects of the COVID-19 pandemic and a recent downturn in consumer spending as some of the challenges leading up to the filing. “After careful consideration, filing for bankruptcy protection was the best way to address our challenges — …
Chicago — Architecture firm Lamar Johnson Collaborative (LJC) has released renderings for a transformative vision for Michigan Avenue’s Magnificent Mile retail corridor in downtown Chicago. The Magnificent Mile Association commissioned the plan, known as MM2050, to explore innovative solutions for addressing vacancies instigated by the COVID-19 pandemic. LJC created a series of conceptual renderings, guided by four design pillars: people, place, technology and experience. The renderings showcase ideas for enhancing public spaces, improving pedestrian connectivity and encouraging sustainable, mixed-use development. The MM2050 renderings are currently on display at the Chicago Architecture …
Mount Prospect, Ill. — Marcus & Millichap has brokered the $12.5 million sale of a retail portfolio located in the Chicago suburb of Mount Prospect. Built in 2012, the portfolio comprises three buildings occupying a combined 3.6 acres. Tenants at the properties include Chipotle Mexican Grill, Five Guys, Jersey Mike’s Subs, Sports Clips, T-Mobile, GNC, Panera Bread, Nothing Bundt Cakes, Hangry Joe’s, MOD Pizza and Poke Bros. Jeff Rowlett and Matthew Gordon of Marcus & Millichap represented the buyer, Lula Holdings. Maggie Holmes of Northmarq represented the seller, an entity doing …
Peoria, Ill. — Mid-America Real Estate Corp. has negotiated the sale of Metro Centre, a 166,290-square-foot retail center in Peoria. Tenants at the property, which was developed in 1971, include JOANN Fabric and Crafts, Noodles & Co., Sunrise Health Foods, PNC, Great Clips, WW Studio, Kay’s Hallmark, Merle Norman, Holmes Shoes, Le Bakery, Pottstown Meat & Deli and The 50’s Diner. Ben Wineman of Mid-America represented the seller, the original developer, in the transaction.
Naperville, Ill. — Brixmor Property Group (NYSE: BRX) has begun a $53 million redevelopment and reconfiguration of Westridge Court, a shopping center located in the Chicago suburb of Naperville. Plans call for the addition of a new restaurant and entertainment district, to be branded Block 59. The 91,000-square-foot project will include the construction of multiple outparcels, which will be occupied by tenants including The Cheesecake Factory, Yard House, Ruth’s Chris Steak House, Piccolo Buco by Cooper’s Hawk, Shake Shack, Stan’s Donuts, First Watch, Fresh Fin, Crisp & Green and Velvet Taco. …
Naperville, Ill. — Bucksbaum Properties has acquired River District, a 71,000-square-foot mixed-use development situated on 2.7 acres in Naperville, roughly 35 miles outside Chicago. Built in 1988, the property features 59,000 square feet of retail space and 12,000 square feet of second-floor office space. Retail tenants at the development include Rosebud, Fat Rosie’s Taco & Tequila Bar, Chipotle Mexican Grill and Five Guys. According to a press release issued by the company, the acquisition is part of a strategy to acquire “assets that offer a long-term potential for higher and better …
Northbrook, Ill. — Hilco Consumer-Retail (HCR) has completed the acquisition of operations for Hanes Outlet and Maidenform stores. HCR plans to leverage its RevUp program, which implements virtual store management with retail experts, at the stores. “We are thrilled that Hanes selected us to continue their retail brick and mortar operations, and we are excited to hit the ground running with the dedicated store teams,” says Ian Fredericks, president and chief executive officer of HCR.
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.
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 …
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.