Holliday Fenoglio Fowler LP secured the financing. Director Matthew Schoenfeldt and senior managing director Jay Marshall put through the 10-year loan with ING Investment Management.
Schoenfeldt says the center will undergo a large renovation of sign upgrades, parking lot paving and tenant improvements and relocation. Both Marshall's and Walgreen's are expanding at the plaza, Kroger's is adding a new Food 4 Less store and the Circuit City is one of the few in the country that's remaining open, he says. "That store, the whole plaza, gets an amazing amount of traffic," Schoenfeldt says. "After these improvements are made, the occupancy will be in the high 90s." The center, now is more than 20% vacant, lost tenants such as Sears and Service Merchandise throughout its long history.
The plaza is in a very large retail area, on Cermak Road, at the border of Berwyn and North Riverside. North Riverside Mall is across the street. "The demographics have only gotten stronger here. The same family owns it that developed it, and they will be able to spruce up the place to keep it going," Schoenfeldt says.
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