Illinois

F&B Dominates Discussion at ICSC’s Chicago Deal Making

by Alex Tostado October 25, 2019

Chicago — The food and beverage industry dominated much of the programming and sessions at this year’s Chicago Deal Making, hosted by the International Council of Shopping Centers (ICSC). In fact, the keynote speaker was Fabio Viviani, a celebrity chef and hospitality developer. Examples of other food-oriented workshops and panels included “How to Craft Restaurant Deals,” “From Automation to Ghost Kitchens, Understanding the Trends Reshaping F&B” and “Small Bites: New Restaurant Concepts.” The two-day ICSC event took place at Navy Pier on Wednesday and Thursday, Oct. 16-17. The show kicked …

October 25, 2019

Illinois Investment sales News Retailers

IRC Retail Centers Sells 80,708-Square-Foot Retail Center in Suburban Chicago

by Alex Tostado October 25, 2019

Elk Grove Village, Ill. — IRC Retail Centers LLC has sold Mallard Crossing, an 80,708-square-foot retail center in Elk Grove Village. The sales price was not disclosed. Anchor tenants Aldi, Ross Dress for Less and Dollar Tree have all signed long-term leases within the past year. Located on Meacham Road, the property was recently renovated with a new roof, parking lot and façade. Janice Sellis of JLL represented the seller in the transaction. JLL also procured the buyer, a vehicle sponsored by AmCap Management LLC.

October 25, 2019

Illinois Investment sales News Retailers

NewMark Merrill Acquires Shopping Center in Chicago for $17.3 Million

by Alex Tostado September 30, 2019

Chicago — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. …

September 30, 2019

Company news Georgia Illinois Investment sales News Restaurants

Arby’s Parent Company to Acquire Jimmy John’s

by Alex Tostado September 25, 2019

Atlanta and Champaign, Ill. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its …

September 25, 2019

Company news Illinois News

Envoy Heads Joint Venture to Fund Commercial Construction Projects

by Alex Tostado September 25, 2019

Chicago — Envoy Net Lease Partners has formed a joint venture with an unnamed partner to fund development projects of commercial, industrial, office and net-lease properties nationwide. The partner is backed by more than $10 billion in assets, allowing Envoy to fund projects up to $20 million. Envoy expects to originate over $200 million of build-to-suit construction loans in the next two years.

September 25, 2019

Illinois Investment sales News Retailers

Marcus & Millichap Arranges $2.2 Million Sale of Strip Center in Orland Park, Illinois

by Alex Tostado September 25, 2019

Orland Park, Ill. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.

September 25, 2019

Finance Illinois Mixed-use News Retailers

JLL Arranges $140 Million Refinancing for Mixed-Use Development Adjacent to Wrigley Field

by Alex Tostado September 18, 2019

Chicago — JLL has arranged a $140 million loan for the refinancing of Gallagher Way, a recently completed mixed-use development adjacent to Chicago’s Wrigley Field. The project includes more than 93,000 square feet of office space, 85,100 square feet of retail space, the 173-room Hotel Zachary and an 8,000-square-foot open-air entertainment plaza. Danny Kaufman, Christopher Knight, Jeff Bucaro and Nicole Aguiar of JLL arranged the 30-year, fixed-rate loan on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family. Barings, an international investment management firm …

September 18, 2019

Finance Illinois News Retailers

NorthMarq Arranges $8.4 Million Refinancing of Retail Center Near St. Louis

by Alex Tostado September 9, 2019

Alton, Ill. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional bank.

September 9, 2019

Development Illinois News Restaurants

Tropical Smoothie Cafe to Open 800th Location

by Alex Tostado September 4, 2019

Arlington Heights, Ill. — Tropical Smoothie Cafe, a fast-casual concept known for its smoothies and tropical food, is opening its 800th location. The restaurant, located at 115 W. Rand Road in Arlington Heights, is set to open this Friday, Sept. 6. Tropical Smoothie Cafe has grown at a rapid pace this year, opening its 750th location in May. Existing franchisee Hani Halloun, along with first-time franchisees Edward Joubran and Martin Khoshaba, will own and operate the new Arlington Heights location. There are currently seven Tropical Smoothie Cafe locations in the …

September 4, 2019

Development Illinois News Retailers

The RoomPlace Opens Two-Story, 84,000-Square-Foot Store at Lincolnwood Town Center in Northern Illinois

by Alex Tostado August 27, 2019

Lincolnwood, Ill. — The RoomPlace, an Illinois-based furniture store, has opened at Lincolnwood Town Center in northern Illinois. The retailer replaces a former Carson’s store. The 84,000-square-foot space incorporates three brands — The RoomPlace, The MattressPlace and RP Outlet. The location marks The RoomPlace’s largest store to date. Washington Prime Group Inc. owns Lincolnwood Town Center. Other retailers at the shopping mall include Kohl’s, Old Navy, Bath & Body Works, Foot Locker, Express and Champs Sports.

August 27, 2019

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