Holliday Fenoglio Fowler LP secured the financing. DirectorMatthew Schoenfeldt and senior managing director Jay Marshall putthrough the 10-year loan with ING Investment Management.


Schoenfeldt says the center will undergo a large renovation ofsign upgrades, parking lot paving and tenant improvements andrelocation. Both Marshall's and Walgreen's are expanding at theplaza, Kroger's is adding a new Food 4 Less store and the CircuitCity is one of the few in the country that's remaining open, hesays. "That store, the whole plaza, gets an amazing amount oftraffic," Schoenfeldt says. "After these improvements are made, theoccupancy will be in the high 90s." The center, now is more than20% vacant, lost tenants such as Sears and Service Merchandisethroughout its long history.


The plaza is in a very large retail area, on Cermak Road, at theborder of Berwyn and North Riverside. North Riverside Mall isacross the street. "The demographics have only gotten strongerhere. The same family owns it that developed it, and they will beable to spruce up the place to keep it going," Schoenfeldtsays.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.