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Company newsIllinoisNews

Walgreens Announces Plans to Close 1,200 Stores Over Three Years

by Hayden Spiess

Deerfield, Ill. — Walgreens Boots Alliance Inc. (Nasdaq: WBA) unveiled in its fiscal year 2024 earnings report that it plans to close 1,200 stores over the next three years, with roughly 500 of the closures scheduled for the 2025 fiscal year. “In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” says Tim Wentworth, chief executive officer of Walgreens. “Fiscal 2025 will be …

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Starbucks_Springfield-Ill
IllinoisInvestment salesNews

Cooper Commercial Arranges $1.8 Million Sale of Single-Tenant Property in Springfield, Illinois

by Hayden Spiess

Springfield, Ill. — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a single-tenant retail property located in Springfield. Starbucks Coffee occupies the building, which is positioned on a site that serves as an outparcel to Walmart Supercenter, Target and Aldi. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction. Starbucks has roughly five years remaining on its lease at the property. 

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Company newsIllinoisNews

Pine Tree to Manage 1 Million-Square-Foot Chicago Area Retail Portfolio

by Hayden Spiess

Oak Brook, Ill. — Pine Tree has been awarded the management of retail portfolio comprising one million square feet across 16 properties in metro Chicago. Newcastle Properties is the owner. The portfolio includes Bloomingdale Auto Center and Bloomingdale Square in Bloomingdale; Aspen Point in Vernon Hills; Deerfield Commons and Cadwell’s Corners in Deerfield; Boardwalk Plaza and Orchard Plaza in Skokie; Dempster Plaza in Niles; Eastgate Plaza in Naperville; Fox Valley Auto Center in Aurora; Huntley Retail Center and Milrand Retail Center in Carpentersville; Market Square in Bolingbrook; and Parkview Plaza, Cicero …

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IllinoisLeasingNews

Three New Tenants Sign Leases at Hawthorn in Metro Chicago

by Hayden Spiess

Vernon Hills, Ill. — Three new tenants have signed leases at Hawthorn, a shopping center in Vernon Hills, roughly 40 miles outside Chicago. Pure Barre has opened a 1,768-square-foot studio at the property, and Yard House will open a 7,765-square-foot restaurant. Rootz has also signed a lease at the center and is scheduled to open within a 7,222-square-foot space in the fourth quarter of 2025. Hawthorn, which opened in 1973, is also currently undergoing a mixed-use redevelopment. 

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Grocery-anchoredIllinoisInvestment salesNews

CBRE Arranges Sale of 420,740-Square-Foot Shopping Center in Metro Chicago

by Hayden Spiess

Schaumburg, Ill. — CBRE has arranged the sale of Woodfield Village Green, a 420,740-square-foot shopping center located in Schaumburg, roughly 30 miles outside Chicago. Bridge33 Capital acquired the property from an undisclosed seller. Tenants at the center include Trader Joe’s, Marshalls, Nordstrom Rack, The Container Store, Bloomingdale’s Outlet, PetSmart and HomeGoods. CBRE represented the seller in the transaction. 

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Company newsIllinoisNews

Save A Lot, Yellow Banana to Reopen Six Grocery Stores in Chicago

by Hayden Spiess

Chicago — Grocery chain Save A Lot and Yellow Banana, a grocery platform that owns and operates Save A Lot stores, have announced the reopening of six remodeled stores in Chicago. Each of the stores has undergone extensive interior and exterior renovations. Openings have commenced and are scheduled to continue through the fall. Renovations at the locations included the addition of new flooring, lighting, equipment, HVAC systems, dairy and meat cases, paint, décor, fixtures and signage. 

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Chipotle
IllinoisInvestment salesNews

Boulder Group Arranges $2.3 Million Sale of Single-Tenant Property in Chicago Suburb

by Hayden Spiess

Lansing, Ill. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property located in Lansing, a southern suburb of Chicago. Chipotle Mexican Grill occupies the newly constructed building on a 15-year lease that features 10 percent rental escalations every five years and four five-year renewal options. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer, in the transaction.

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Company newsIllinoisNewsRestaurants

Roti Files for Chapter 11 Bankruptcy

by Hayden Spiess

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 — …

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DevelopmentIllinoisNews

Lamar Johnson Collaborative Releases Renderings for Chicago’s Michigan Avenue Retail Corridor

by Hayden Spiess

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 …

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IllinoisInvestment salesNews

Marcus & Millichap Brokers $12.5 Million Sale of Retail Portfolio in Metro Chicago

by Hayden Spiess

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 …

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