January 9, 2019
Chicago-based Newport Capital Partners acquired Edens Plaza for $72 million, on behalf of Newport Capital Partners Fund II. The 183,000 square foot retail center, located on Lake Avenue in Wilmette, IL, was purchased in an off-market transaction from Edens Plaza LLC.
Initially developed in 1956, and redeveloped to its current configuration in 1994, the asset is located just east of the Edens Expressway (I-94), at Skokie Boulevard and Lake Avenue, in the affluent North Shore community of Wilmette. The center has held a prominent position in the marketplace as one of Chicagoland’s busiest and most prominent mixed-use suburban, neighborhood, convenience shopping centers.
Edens Plaza is currently 92% leased, and anchored by Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School, among others. NKF’s Ben Greazel and Joel Simmons arranged debt financing through LoanCore Capital.
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