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 …
Naperville, Ill. — Quantum Real Estate Advisors Inc. has brokered the $7.1 million sale of Design Pointe, a 78,000-square-foot retail center located in the Chicago suburb of Naperville. At the time of sale, the property was 95 percent leased to tenants including Studio 41, Brain Balance and Fancy Free Holidays. Brett Berlin of Quantum represented the seller, an Illinois-based investor, in the transaction.
Aurora, Ill. — Four new retailers will join Fox Valley Mall, a three-story shopping center located in Aurora, approximately 40 miles outside Chicago. NY Designer Rack has opened a 3,187-square-foot store at the property, and Fox Valley Convenience, XIMI Life and Sushi Mania will occupy 786; 2,867; and 220 square feet, respectively. All tenants are scheduled to open by the end of this year. Centennial is the landlord at the shopping center, which is managed by Centennial Real Estate Management Co.
Montgomery, Ill. — Starbucks Coffee and Cooper’s Hawk Winery & Restaurant will join Ogden Hill Shopping Center in Montgomery, roughly 45 miles east of Chicago. Both businesses are currently underway on construction and scheduled to open next year. Inland National Development Co. (INDC) sold the sites, as well as developed the site to be occupied by Cooper’s Hawk on behalf of the business. Other retailers at the center include Freddy’s Frozen Custard & Steakburgers, Popeyes Louisiana Kitchen, Sam’s Club, Menard’s, JCPenney, Walgreens, Sonic, Buona Beef, Goodwill Industries, Binny’s Beverage Depot, Dunkin Donuts, …