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EVANSTON, IL-Washington, DC-based Grosvenor has acquired "a significant interest" in Church Street Plaza from Arthur Hill & Co. LLC, the locally based developer of the 176,000-sf retail center at the corner of Church Street and Maple Avenue. On condition of anonymity, a source familiar with the transaction tells GlobeSt.com the Grosvenor stake is approximately 50%, for which it paid about $60 million.

The shopping and entertainment center was developed in three phases, beginning in 2000. It is currently 100% leased, and the anchors are Century Theater, Borders Books and Music, Urban Outfitters and World Market. Arthur Hill will retain the remaining interest and continue to manage the property.

Andrew Galbraith, Grosvenor's chief investment officer, says in a statement, "We hope to partner with Hill's company in future Chicago-area retail deals involving either ground-up development or repositioning of existing assets. This type of activity would represent a new direction for Grosvenor in Chicago." The company's other Chicago assets include 701 and 830 N. Michigan Ave. in the city and the 251,000-sf Rice Lake Square in Wheaton.

Church Street Square is part of a 23-acre development that includes office, residential and hotel properties. It has revitalized downtown into a 24/7 urban, mixed-use environment with an upscale demographic. Stan Nitzberg of Chicago-based Mid-America Real Estate Corp. represented Grosvenor in the acquisition.

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Grosvenor Takes Stake in Church Street Plaza

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