Newport Capital Acquires 183,000-Square-Foot Shopping Center in Metro Chicago for $72 Million

by Alex Tostado

Wilmette, Ill. — Newport Capital Partners has acquired Edens Plaza, located 17 miles north of Chicago in Wilmette, Illinois, for $72 million.

Built in 1956 and redeveloped in 1994, the 183,000-square-foot shopping center is located on Lake Avenue. The property is 92 percent leased to tenants such as The Fresh Market, Starbucks Coffee, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A pediatric care center, which will be jointly run by NorthShore University HealthSystem and Advocate Health Care, is expected to open this year and backfill 35,000 square feet formerly occupied by Carson’s Furniture Gallery. Ben Greazel and Joel Simmons of Newmark Knight Frank arranged debt financing for the transaction through LoanCore Capital.

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