Centrum Properties Sells Center for $16M

GLENVIEW, IL-Newport Capital Partners, based here, has acquired Glenbrook Market Place, at the northeast corner of Willow and Pfingsten roads here. The seller was Centrum Properties, based in Chicago. The sales price was $16.2 million. The cap rate was 7.5%, says Joe Girardi, an associate with Oakbrook Terrace, IL-based Mid-America Real Estate Corp.’s investment sales group.

Girardi and Mike George represented Centrum Properties in the sales transaction. The 62,815-sf shopping center is anchored by Walgreens. Glenbrook Market Place is 95% leased, Girardi tells GlobeSt.com. Other tenants at the retail center include BoRics, Merry Richard Jewelers, Cartridge World, Jimmy John’s Gourmet Sandwiches and MB Financial Bank. “You have a strong tenant line up,” Girardi says. The asking lease rate is around the $25 per sf range, net, he says. A separately-owned LaSalle Bank is on an outlot in the shopping center. Newport reportedly received $13.4 million in financing from Fifth Third Bank to acquire the property.

The center was constructed in 1992. “It is a great corner in a very dense infill affluent neighborhood of (the) Chicago (area),” Girardi says. The center is adjacent to The Glen, a newly developed, 1,121-acre master-planned mixed-use development. The Glen is on the site of the former Glenview Naval Air Station. The base was closed in 1993, and was redeveloped into a $400 million mixed-use project. Also nearby is the Shops of Heatherfield, which was acquired last year by locally-based ER James & Co. for $22.5 million. The 89,273-sf shopping center at the southwest corner of Waukegan Road and Westleigh Drive is anchored by Jewel-Osco, with other tenants including Panera Bread, Papa Murphy’s and the UPS Store.