Elmhurst, Ill. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks Coffee, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.
Schaumburg, Ill. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.
Woodridge, Ill. — Marcus & Millichap has brokered the $5.3 million sale of a 13,100-square-foot property occupied by CVS/pharmacy in Woodridge, a southwest suburb of Chicago. The net-leased building is located at 8645 Woodward Ave. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor based in Florida. The asset sold at 94 percent of the list price to an undisclosed buyer. CVS has over 10 years remaining on its lease.
Bourbonnais, Ill. — Hanley Investment Group Real Estate Advisors has arranged the $4.4 million sale of a 9,723-square-foot retail pad site at Bradley Commons, a Walmart-anchored shopping center located in Bourbonnais. Jeff Lefko and Bill Asher of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, Midland Atlantic Properties. The buyer was a private investor from Des Moines, Iowa. Located at Bradley Commons at 2070 N. State Route 50, the four-tenant pad building is home to Jersey Mike’s Subs, Midwest Express Clinic, AT&T and uBreakiFix. The 1.29-acre property …
Machesney Park, Ill. — Marcus & Millichap has brokered the $6.4 million sale of Willow Creek II and IV in Machesney Park, a suburb of Rockford. The two retail buildings, totaling 23,202 square feet, are separate but located within the same development. Tenants include Buffalo Wild Wings, Verizon, Anytime Fitness, FedEx, Jersey Mikes and Pizza Hut. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a Chicagoland private family. Prodigy Real Estate Group represented the seller, a Rockford-based developer.
Chicago — Virtas Partners has joined in an alliance with The Seaker Group to help retail clients struggling with excessive overhead costs amid continuing restrictions on retailers due to the COVID-19 pandemic. “We are bringing together The Seaker Group’s insightful approach to analytics with Virtas Partners’ deep experience in restructuring and debt placement, and in real estate development and management,” says David Kirshenbaum, managing director at Virtas Partners. “Together, we will provide the support businesses need to optimize their real estate portfolio to reduce their cost structure. In hostile operating …
Skokie, Ill. — The Boulder Group has brokered the $3.9 million sale of a Walgreens-occupied property in Skokie. The single-tenant, net-leased building is located at 9150 Skokie Blvd and spans 11,837 square feet. The Walgreens lease expires in 2024. Randy Blankstein and John Feeney of Boulder represented the seller, a Midwest-based individual. A West Coast-based real estate fund was the buyer.
Chicago — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 percent, a 60 percent loan-to-value ratio and a 25-year amortization schedule. Chicago-based Parker Restaurant …
Chicago — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park, Illinois. In early 2020, before the COVID-19 pandemic, Macy’s announced that it would close 125 stores nationwide over a three-year period in an effort to right-size its store fleet. This week, Macy’s unveiled …
Naperville, Ill. — Dolan Associates Ltd. has sold Naperville Plaza, a 115,380-square-foot retail center in Naperville. Northpond Acquisitions LLC acquired the property for an undisclosed price. At the time of sale, the asset was leased to Casey’s Foods, Trader Joe’s, Oswald’s Pharmacy and Bridgestone/Firestone. Naperville Plaza is situated at 8-192 W. Gartner Road, 30 miles west of downtown Chicago. Bob Mahoney, Christian Williams, George Good, Richard Frolik, Michael Kaider, Derrick Almassy and Adam Foret of CBRE represented the seller in the transaction.
