September 12, 2019
Greenstone Partners sold Mount Prospect Center, a 192,000-square-foot multi-tenant shopping center anchored by Kohl’s and located in the northwest suburb of Mount Prospect, IL. Deal terms weren’t disclosed.
The Chicago-based brokerage represented the seller, an East Coast-based REIT. The property at the corner of Dempster Street and Elmhurst Road received multiple offers before trading to a Northern California-based buyer.
The center’s diverse tenant line-up includes a mix of inline, big box, junior box and outlot tenants. Greenstone said the investment offered the purchaser reliable cash flow from recent long-term tenant renewals, including Kohl’s, while acquiring the property at a substantial discount to replacement cost.
Greenstone Asset Management has been engaged to manage the property for the out-of-state purchaser.
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