Cedar Street Co. has acquired a three-property industrial and retail portfolio in suburban Downers Grove. The acquisition expands Cedar Street Co.’s real estate portfolio to more than 1.6 million square feet of commercial and residential space in the Chicago area. The portfolio was purchased for $16.2 million as part of the Qualteq Inc. bankruptcy case.
The portfolio of properties includes:
- Meadowbrook Shopping Center: 63rd and Woodward, Downers Grove;
- University Plaza Mall: 1201-1213 Butterfield Road, Downers Grove; and
- 1400 Center Circle Drive: Industrial, Downers Grove.
Meadowbrook Shopping Center and University Plaza Mall will be placed on long-term commercial mortgage-backed securities loan and primed for future development, while 1400 Center Circle Drive holds a triple net lease by a nationally recognized tenant positioned to secure long-term cash flow opportunities.
“We are pleased to announce the addition of three more properties to our Chicago portfolio,” says Alex Samoylovich, Cedar Street Co.’s chief financial officer. “With this acquisition, we are able to significantly grow our portfolio while taking fully performing assets and positioning them for future development opportunities.”
Cedar Street Co. intends to pursue additional value-add opportunities in the Chicago market. In December 2012, Cedar Street acquired 303 W. Erie in Chicago, a six-story, 70,000-square-foot office building leased to more than 20 offices and anchored by the upcoming Mercadito Hospitality restaurant, Tippling Hall.