Edens Plaza Sells for $72M
"Retail has always been an evolving property type and this center has just continued to keep up with the evolution."
CHICAGO–Newport Capital Partners recently paid $72 million for Edens Plaza in an off-market transaction. The 183,000-square-foot retail center was purchased on behalf of Newport Capital Partners Fund II.
The 92% leased property attracted Newport’s attention because “retail has always been an evolving property type and this center has just continued to keep up with the evolution,” a spokesperson for Newport told GlobeSt.com.
Built in 1956 and then redeveloped in 1994, Edens Plaza houses retailers such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A portion of the center is currently undergoing a 35,000-square-foot redevelopment to turn a former Carson’s Furniture Gallery into a pediatric care center, jointly run by NorthShore University HealthSystem and Advocate Health Care.
“No tenant has left Edens Plaza to go to another retail center, and when a tenant did leave, the space gets quickly backfilled,” the spokesperson said. “Convenience and neighborhood retail properties are what Newport believes in; this one has stood the test of time and we think it will continue to do so.”
Edens Plaza is the 8th investment in Newport Fund II. Another Chicago location, the Lincoln Village Shopping Center, is the largest investment in the fund. That property is currently undergoing a major redevelopment including the addition of a T.J. Maxx and a Five Below.
“Edens Plaza is a perfect fit for Newport Fund II’s investment strategy,” said Derrick McGavic, Newport managing principal. “Not only is this high-quality asset a neighborhood center with a strong tenant roster since its development, but it is also in a premium location with 200,000 vehicles that drive by daily. Edens Plaza meets the needs of consumers and tenants in a rapidly changing retail environment, and we are confident that it will continue to thrive.”
Debt financing for the transaction was provided by LoanCore Capital and arranged by Newmark Knight Frank’s Ben Greazel and Joel Simmons.