October 20, 2016
Newport Capital Partners ended its three-year hold on the 199,080-square-foot Danada Square East shopping center in Wheaton, IL, about 30 miles west of Chicago. The seller obtained $63.25 million from the center’s disposition to LaSalle Investment Management. Joe Girardi and Ben Wineman with Mid-America Real Estate Group brokered the transaction.
The sales price was double the amount paid by Newport Capital in 2013, when it acquired the property at 60 Danada Square E. At the time, the asset was suffering from the poor performance of its anchor tenant, a 77,000-square-foot Dominick’s supermarket. Dominick’s closed in early 2014, and Newport Capital filled the space with a Whole Foods Market and Sierra Trading Post. The center is 93% occupied.
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