Naperville Retail Looking Good to Investors

Main Street Promenade in downtown Naperville, IL, is currently 93% occupied and just fetched $88 million.

CHICAGO—In affluent suburban towns like Naperville and Schaumburg the best retail locations are leased up for premium rates, and that has definitely perked up interest among investors. Retail Properties of America, Inc. recently became the latest buyer to close a major retail purchase in Naperville by acquiring Main Street Promenade, a mixed-use development of 182,000 square feet in the heart of its downtown, for a gross purchase price of $88 million.

The project includes about 103,000 square feet of retail space and 79,000 square feet of office. Tenants currently occupy 93.1% of the space, including Anthropologie, J Crew, Soft Surroundings, Ann Taylor, LOFT, Sur la Table, White House Black Market and Hugo’s Frog Bar & Fish House.