Gurnee, Ill. — Marcus & Millichap has arranged the $10.8 million sale of a 15,577-square-foot retail center in Gurnee. Located at 6440 Grand Ave., about 40 miles north of downtown Chicago, the center was fully leased at the time of sale. The property serves as an out parcel to Gurnee Mills Mall. Austin Weisenbeck and Sean Sharko Marcus & Millichap represented the undisclosed seller in the transaction. Robert Bhat of Marcus & Millichap arranged $6.9 million in acquisition financing for the undisclosed buyer. The nonrecourse loan offers a 65 percent …
Deerfield, Ill. — Walgreens plans to close approximately 200 stores across the U.S. starting this fall as part of a cost-management program. Specific store locations have not been disclosed, but the new closures represent less than 3 percent of Walgreens’ U.S. footprint. The announcement was made in a Walgreens Boots Alliance regulatory filing Tuesday. The Deerfield, Illinois-based company had previously unveiled plans to close 200 stores in the United Kingdom. Currently, Walgreens operates more than 18,500 stores in 11 countries.
Litchfield, Ill. — Hanley Investment Group has arranged the $1.7 million sale of a new Aldi-occupied building in Litchfield Plaza in Litchfield. The 22,245-square-foot building opened July 18. Other tenants at the center include Dollar General, Glik’s, Hibbett Sports, Maurices, National Rent-to-Own, Pizza Hut, Salvation Army, Shoe Sensation, Taco Bell and Wendy’s. Aldi has a 15-year, absolute triple-net ground lease in place that has rental increases every five years and renewal options. Jeff Lefko and Bill Asher of Hanley, along with Alex Apter of LOCATION Commercial Real Estate, represented the …
Park Forest, Ill. — Matanky Realty Group has negotiated the sale of a 102,647-square-foot shopping center located at 80-138 S. Orchard Drive in Park Forest, south of Chicago. Freedom Development Group purchased the three-building property for an undisclosed price. The Family Dollar-anchored center includes a grocery store and auto repair center. The buyer was attracted to the site due to its location within a federal Opportunity Zone, according to Matanky. Terri Cox and Don Wagener of Matanky brokered the transaction.
Willowbrook, Ill. — Marcus & Millichap has brokered the $5.8 million sale of Willow Commons in Willowbrook, about 25 miles southwest of Chicago. The 58,497-square-foot retail center is situated on 75th Street. At the time of sale, the property was 98 percent leased to a mix of tenants, a majority of which have occupied space at the shopping center for more than 15 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer.
Glenview, Ill. — Mid-America Real Estate Corp. has arranged the sale of Glen Gate, a 102,961-square-foot shopping center in Glenview, 15 miles northwest of Chicago. Mariano’s anchors the fully leased property. Other tenants include AT&T, Hair Cuttery, Bentley’s Pet Stuff, Glenview Bank & Trust and For Eyes. The shopping center is situated at the northeast corner of Waukegan and Golf roads. Joe Girardi and Ben Wineman of Mid-America represented the seller, a client of LaSalle Investment Management. Dallas-based Invesco Real Estate purchased the asset for an undisclosed price.
In today’s volatile retail real estate climate, there is ample need for redevelopment or value-add acquisitions. Tri-Land, a Chicago-based owner and operator, is one such company known for repositioning underperforming retail centers. Established in 1978, the company is launching two new investment funds beginning in July. The two funds — which combined total $30 million — seek to purchase between four and eight properties over a 30-month period. The strategy of the investment funds will be to acquire properties located in Midwest and Southeast markets, including Chicago, Milwaukee, Minneapolis, Kansas …
Oakbrook Terrace, Ill. — Kimco Realty Corp. has sold a 176,164-square-foot retail property in Oakbrook Terrace for $21 million. Known as 22nd Street Plaza, the shopping center is fully leased to retailers such as Home Depot, Party City and Big Lots. Restaurants Twin Peaks and Naf Naf Grill are located on the site as well. The property includes 850 parking spaces. George Good and Christian Williams of CBRE represented Kimco in the sale. A California-based private investor purchased the asset.
Algonquin, Ill. — SVN | Chicago Commercial has arranged the sale of a 7,549-square-foot restaurant property in Algonquin for $1.1 million. The freestanding building is located at 2561 County Line Road. Tim Rasmussen and Olivia Czyzynski of SVN brokered the transaction. The buyer, an operator of Mexican restaurants, plans to open a casual Mexican concept, according to Rasmussen.
Chicago — Brown Bag Seafood Co. will open its newest location in Willis Tower in Chicago. The fast-casual seafood concept will be located in Catalog, the 300,000-square-foot dining and retail area at the base of the office tower, currently under construction. Willis Tower is undergoing a $500 million renovation project, the biggest transformation in the building’s 46-year history. The first phase is expected to be open to the public in late 2019. Brown Bag Seafood Co. joins Convene, Urbanspace, Shake Shack, Sweetgreen, Starbucks Coffee and Market Creations as a tenant. …