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DevelopmentIllinoisNews

Brixmor Begins $53 Million Redevelopment of Westridge Court Shopping Center in Chicago Suburb

by Hayden Spiess

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. …

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River District
IllinoisInvestment salesMixed-useNews

Bucksbaum Properties Acquires 71,000-Square-Foot Mixed-Use Property in Metro Chicago

by Hayden Spiess

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 …

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Company newsIllinoisInvestment salesNews

Hilco Acquires Hanes’ Brick and Mortar Store Operations

by Hayden Spiess

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. 

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FloridaIllinoisInvestment salesNewsTexas

Orion Acquires $50 Million Retail Portfolio Located in Florida, Texas, Illinois

by Hayden Spiess

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. 

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United-Center-Redevelopment-Chicago
DevelopmentEntertainmentIllinoisMixed-useNews

Bulls, Blackhawks Owners Unveil Plans for $7 Billion Transformation of Chicago Athletic District

by Hayden Spiess

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 …

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IllinoisInvestment salesNews

Quantum Arranges $8.5 Million Sale of Retail Center in St. Charles, Illinois

by Hayden Spiess

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.

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Ballys-Chicago-Casino
DevelopmentEntertainmentIllinoisNews

Bally’s Releases Updated Plan for $1.7 Billion Casino Project in Chicago

by Hayden Spiess

Chicago — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a …

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IllinoisInvestment salesNews

Inland Sells 101,157-Square-Foot Retail Property in Chicago Suburb

by Hayden Spiess

Downers Grove, Ill. — Inland Private Capital Corp. (IPC) has sold a 101,157-square-foot retail property located in the southwest Chicago suburb of Downers Grove. Best Buy and Golf Galaxy occupy the development, with 62,860-square-foot and 38,297-square-foot spaces, respectively. IPC, through its subsidiary that serves as an asset manager, facilitated the sale of the property on behalf of Downers Grove Retail DST, one of IPC’s 1031 investment programs.

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Company newsIllinoisNews

Walgreens Considers 2,150 Underperforming Stores for Potential Closure

by Hayden Spiess

Deerfield, Ill. — Walgreens (NASDAQ: WBA) is set to close a significant portion of its store locations across the United States over the next three years. The company is finalizing its “footprint optimization program” after failing to meet earnings expectations in its fiscal third quarter, which ended May 31. Walgreens CEO Tim Wentworth reported in the company’s earnings call on Thursday morning that 25 percent of stores in the United States were not profitable, and that “changes are imminent” for those locations. The retail pharmacy chain currently runs about 8,600 locations …

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Barrington-Property
Grocery-anchoredIllinoisInvestment salesNews

Next Realty Sells 60,000-Square-Foot Grocery-Anchored Shopping Center in Chicago Suburb

by Hayden Spiess

Barrington, Ill. — An affiliate of Next Realty LLC has sold The Shops at Flint Creek in the northwest Chicago suburb of Barrington to a private investor for an undisclosed price. Heinen’s anchors the 60,000-square-foot property. Additional tenants at the center include Athletico, Ascension Medical Group Illinois, Epic Burger and Club Pilates. Sean Sharko of Marcus & Millichap represented Next, which purchased the property in 2014, in the transaction. 

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