Buffalo Grove, Ill. — Mid-America Real Estate Corp. has arranged the sale of Spoerlein Commons, a 41,455-square-foot retail center located in the Chicago suburb of Buffalo Grove. In addition to medical, wellness, restaurant, retail and service tenants, the property features second-floor office space. Rick Drogosz, Emily Gadomski and George Ghattas of Mid-America represented the institutional seller. CRE Pro was the buyer.
Glenview, Ill. — Mid-America Real Estate Corp. has brokered the sale of Glenbrook Marketplace, a shopping center totaling 47,873 square feet in the Chicago suburb of Glenview. Tenants at the property include Starbucks Coffee, Fifth Third Bank, Athletico, Club Pilates, X Golf, Studio Spin and Jimmy John’s. Walgreens shadow anchors the property. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Northpond Partners. Phillips Edison & Co. Inc. was the buyer.
Vernon Hills, Ill. — Six new tenants have signed leases at Hawthorn, a shopping center located in Vernon Hills, roughly 40 miles outside Chicago. Sephora, Anthropologie, FP Movement, The Lovesac Co. and Perry’s Steakhouse & Grille will open at the property next year. Dom’s Kitchen & Market will also open a store in 2025. Other tenants at the center include Maggiano’s and AMC Hawthorn 12.
Chicago — Chicago-based real estate investor and operator Northpond Partners has partnered with a Southeast U.S. pension fund to form Northpond Retail Partners, a $200 million investment vehicle. The fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select Sunbelt markets. As an all-cash buyer, the partnership will target properties housing convenience, necessity and service-oriented tenants. Categories typically include food and beverage, medical, fitness, and health and beauty. Northpond says the multi-tenant properties ideally contain smaller spaces ranging from 1,000 to 5,000 …
Joliet, Ill. — PENN Entertainment has broken ground on the $185 million Hollywood Casino Joliet at RockRun Collection in Joliet. The casino will anchor RockRun Collection, a 1 million-square-foot mixed-use development that is under construction. Cullinan Properties is the owner and developer for the 310-acre project. The land-based casino will feature approximately 850 slots and 44 live table games, including a baccarat room, retail sportsbook, bars and restaurants, and an approximately 10,000-square-foot event center with meeting areas. There will also be roughly 1,330 parking spaces. PENN expects to create 450 construction …
Skokie, Ill. — Pottery Barn has signed a 15,000-square-foot lease at Westfield Old Orchard, a shopping center located in Skokie, roughly 15 miles outside downtown Chicago. Together with Arhaus, Puttshack and ZARA, the retailer will occupy a 115,000-square-foot space formerly occupied by Lord & Taylor that is undergoing renovations as part of a multiphase development plan at the property. The opening is scheduled for summer 2024. Plans at the center also include the addition of new residential space, restaurants, wellness facilities and outdoor amenities. Little Words Project and Aritzia are also …
Darien, Ill. — Mid-America Real Estate Corp. has arranged the sale of Chestnut Court in Darien, a southwest suburb of Chicago. Tenants at the property, which totals 172,697 square feet, include Ross Dress for Less and Jo-Ann Fabric. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors, in the transaction. First-Tek Inc. acquired the center, and Pine Tree was the property manager at the time of sale.
Aurora, Ill. — JLL Capital Markets has brokered the sale of Aurora Commons, a 125,826-square-foot retail center located in Aurora, roughly 40 miles outside Chicago. Built in 1988, the property was 75 percent leased at the time of sale. Tenants at the center include Five Below, Dollar Tree, T-Mobile and H&R Block. Michael Nieder, Keely Polczynski and Caity Tirakian of JLL represented the seller, IRC Retail Centers, in the transaction. Sperry Equities acquired the property for an undisclosed price.
Chicago, Ill. — McDonald’s plans to expand its presence to comprise 50,000 restaurants by the end of 2027. This will mark the fastest period of growth for the brand according to the company, which announced the planned expansion in its Investor Update and a subsequent press release. Part of McDonald’s “Accelerating the Arches” strategy, the growth will include an expected 1,000 gross restaurant openings in the United States and internationally in 2027.
Bolingbrook, Ill. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu …
