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Cohen Financial Arranges $45 Million Refinance Loan for Six Retail Properties in Southeast, Midwest

by Alex Tostado

Chicago — Cohen Financial, a division of Truist Bank, has arranged a $45 million refinance loan for a 552,143-square-foot retail portfolio spanning Mississippi, North Carolina, Alabama, Ohio, Kentucky and Indiana. Dan Rosenberg and Matt Terpstra of Cohen’s Chicago office represented the borrower, Midland Atlantic Properties, in the loan transaction. Goldman Sachs provided the 10-year, fixed-interest-rate loan. Five of the six properties are grocery anchored. The five grocery anchored properties in the portfolio are: Parkside Square, a 150,344-square-foot, Rouses Markets-anchored property located in Ocean Springs, Mississippi; Maysville Marketsquare, a 144,945-square-foot, Kroger-anchored …

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IllinoisInvestment salesNewsRetailers

JLL Brokers Sale of 193,536-Square-Foot Retail Center in Broadview, Illinois

by Alex Tostado

Broadview, Ill. — JLL Capital Markets has brokered the sale of Broadview Village Square, a 193,536-square-foot retail center in the Chicago-area community of Broadview. The sales price was undisclosed. Tenants include Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty. The property sits on 15.9 acres at 700 Broadview Village Square. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the undisclosed seller. Bridge33 Capital LLC purchased the asset.

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IllinoisInvestment salesNewsRetailers

Hanley Investment Group Brokers $3.1 Million Sale of Two-Tenant Retail Building in Palatine, Illinois

by Alex Tostado

Palatine, Ill. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, two-tenant retail building in Palatine for $3.1 million. Aspen Dental and T-Mobile occupy the 5,250-square-foot property, which is located on East Dundee Road about 30 miles northwest of Chicago. Completed in 2019, the building is situated near other retailers such as Walmart, Home Depot and Target. Jeff Lefko and Bill Asher of Hanley, along with Greg Dietz and Danny Spitz of Greenstone Partners, represented the seller, a Chicago-based real estate investment and development …

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IllinoisInvestment salesNewsRetailers

Quantum Brokers $11 Million Sale of Shopping Center in Melrose Park, Illinois

by Alex Tostado

Melrose Park, Ill. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, Illinois, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.

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DevelopmentIllinoisNewsRetailers

Mattress Liquidators Opens at Former Bergner’s Department Store in Pekin, Illinois

by Alex Tostado

Pekin, Ill. — Mattress Liquidators has relocated to a former Bergner’s department store at East Court Village in Pekin within central Illinois. The mattress store, previously located at 3518 Court St. within the shopping center, has moved to the former Bergner’s space at 3536 Court St. Mattress Liquidators now occupies the entire 82,100-square-foot space and opened its doors Thursday, Dec. 12. Mattress Liquidators offers name-brand mattresses at significant discounts by purchasing overstocks and year-end models. The East Court Village store will also sell furniture and major appliances. The store is …

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DevelopmentIllinoisNewsRetailers

Starbucks Opens 35,000-Square-Foot Reserve Roastery in Downtown Chicago

by Alex Tostado

Chicago — Starbucks Coffee Co. has opened its Reserve Roastery in downtown Chicago. The 35,000-square-foot, five-story roastery opened to the public Friday, Nov. 15 and is the largest Starbucks location. The store is located in the Magnificent Mile in a space formerly occupied by Crate & Barrel. All of the coffee beans roasted at the facility are served and sold on site. There are three coffee bars at the roastery. Baristas make classic espresso beverages at the coffee bar on the main floor. An experiential bar can be found on …

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Harbert Management Acquires 316,575-Square-Foot Shopping Center in Hoffman Estates, Illinois

by Alex Tostado

Hoffman Estates, Ill. — Harbert Management Corp. has acquired Poplar-Prairie Stone Crossing, a 316,575-square-foot shopping center in Hoffman Estates. The purchase price was not disclosed. Tenants include TJ Maxx, Ross Dress for Less, Cost Plus World Market, PetSmart, Old Navy and Ulta. Target shadow anchors the property. CBRE represented the seller, Walton Street Capital, in the transaction.

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Timber Development Sells 27,880-Square-Foot Shopping Center in Wisconsin

by Alex Tostado

Prairie Du Chien Wis. — Timber Development has sold Nathan Plaza, a 27,880-square-foot shopping center in Prairie du Chien in western Wisconsin. The fully occupied property, home to Dollar Tree and Maurices, is located on Selch Road adjacent to a Walmart Supercenter. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented Timber in the $2.8 million sale. A local 1031 exchange buyer purchased the asset.

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Company newsIllinoisNewsRetailers

Sears to Close 96 More Stores by February 2020

by Alex Tostado

Hoffman Estates, Ill. — Sears Holdings Corp. plans to close 96 underperforming stores by February 2020, according to the retailer’s parent company, Transform Holdco LLC. The closings will consist of 51 Sears stores and 45 Kmart stores, leaving 182 operational Sears and Kmart stores remaining in the United States. The closing stores are scattered throughout all regions of the country, including 28 located in California. A full list of store closures can be found here. “Since purchasing substantially all the assets of Sears Holdings Corp. in February 2019, Transformco has faced …

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Adelphia Arranges Sale of 8,020-Square-Foot Retail Building in Morton Grove, Illinois

by Alex Tostado

Morton Grove, Ill. — Adelphia Properties has arranged the sale of an 8,020-square-foot retail building in Morton Grove for an undisclosed price. The property is situated on one acre at 9300 Waukegan Road near Skokie, Illinois. Gail’s Carriage Grove, a restaurant and pancake house, is a tenant at the property. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a private Chicago-based real estate investor. A local private buyer purchased the asset.

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