Geneva, Ill. — Mid-America Real Estate Corp. has brokered the sale of Randall Square, a 226,029-square-foot shopping center located in Geneva, a western suburb of Chicago. Tenants at the property include Marshalls, Michaels, Ulta Beauty, Old Navy, PetSmart and Men’s Wearhouse. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors, in the transaction. Viking Partners was the buyer. Pine Tree managed the property on behalf of the seller.
Chicago — NewMark Merrill Cos. has acquired two retail centers totaling 178,042 square feet in Chicago in separate transactions. The first property, Pulaski Promenade, comprises 122,710 square feet situated on 10.5 acres. Tenants at the center, which was fully leased at the time of sale, include Marshalls, Shoe Carnival, Michaels, Ross Dress for Less, PetSmart, Ulta Beauty and Carter’s. NewMark purchased the property from DRA/Pine Tree. NewMark acquired the second retail center, Midway Square, from TRC Retail. Midway Square features 55,332 square feet and was 92 percent leased at the time …
Champaign, Ill. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square, a retail center located in Champaign. PetSmart, Staples, Ulta Beauty, Dollar Tree, Party City, Rally House and Citi Trends anchor the property, which was 99 percent leased at the time of financing. Adam Mengacci of IPA secured the ten-year commercial mortgage-backed security (CMBS) financing on behalf of the undisclosed borrower.
Schaumburg, Ill. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center located in the Chicago suburb of Schaumburg, in an all-cash transaction. Tenants at the property include Starbucks Coffee, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market will also open at the center this fall. This marks the seventh retail property in the Chicago metro for the buyer.
Vernon Hills, Ill. — Pickleball entertainment concept Picklemall has signed a 46,000-square-foot lease in Vernon Hills, a northern suburb of Chicago. The facility, which will be located in a space formerly occupied by Toys “R” Us, is scheduled for completion in the first quarter of 2024. The flagship venue marks the first of 50 that are planned throughout the country over the next two years. Transwestern Real Estate Services (TRS) represented Picklemall in the leasing negotiations.
Chicago — SVN Chicago Commercial has brokered the $1 million sale of a 5,000-square-foot retail building in Chicago’s Edgewater neighborhood, along with the business sale of the ground-floor restaurant. A local restaurant buyer purchased the building. Marcus Sullivan and Tim Rasmussen of SVN represented the undisclosed seller. Pearl’s formerly occupied the restaurant space.
Mattoon, Ill. — Mid-America Real Estate Corp. has arranged the sale of Mattoon Marketplace, a 73,225-square-foot shopping center located in Mattoon. Tenants at the property include PetSmart, Dollar Tree, Cato, Hibbett Sporting Goods, Aspen Dental, Buffalo Wild Wings, Verizon and Shoe Sensation. Rick Drogosz and Emily Gadomski of Mid-America brokered the transaction on behalf of the seller, United American Properties. Chase Properties acquired the center for an undisclosed price.
Vernon Hills Ill. — Four new tenants have signed leases totaling 15,751 square feet at Hawthorn, a retail center located in Vernon Hills, roughly 37 miles outside Chicago. Calla Lily and CL Kids, Exclusive Heat and Woody’s will open at the property in October, occupying 6,553; 5,055; and 3,357 square feet, respectively. Gemma Natural Stone & Jewelry will open a 786-square-foot store in November.
Kaysville, Utah — Utah-based indoor pickleball brand The Picklr will open 80 new venues across eleven states, including Arizona, Colorado, Florida, Georgia, Illinois, Minnesota, Nevada, Tennessee, Texas, Utah and Wyoming. The facilities will be opened in partnership with 13 new franchisees. “With seven corporate owned facilities, our first-mover advantage has undeniably led to a high level of interest from well capitalized candidates across the entire country,” says Scott Schubiger, chief growth officer of The Picklr.
Northfield, Ill. — JLL Capital Markets has arranged the $13.1 million sale of a 47,732-square-foot property located in Northfield, roughly 20 miles outside Chicago. Mariano’s occupies the single-tenant property on a triple-net-lease basis. Alex Sharrin, Michael Nieder, Mohsin Mirza, Charles Shehan and Caity Tirakian of JLL represented the seller, Stockbridge, in the transaction. Swanson Development Group was the buyer. Mariano’s currently operates 44 grocery stores throughout the state. The chain was acquired by Kroger via its parent company, Roundy’s, in 2015.
