An affiliate of Core Acquisitions has completed shopping center acquisitions totaling 203,000 square feet of space in Tinley Park and Schaumburg, Illinois.
The seller of both assets was DRA Advisors. The sales represent the third and fourth transactions that Core has executed with the seller in the past year.
In November, Core acquired Park Center in Tinley Park, Illinois. The 132,000-square-foot shopping center is anchored by Chuck E Cheese, CFX Fitness and American Freight, and shadow-anchored by Aldi and Sam’s Club, which help further attract shoppers to the center’s other tenants, which include Chipotle, Firestone, For Eyes, and others.
With occupancy at acquisition at 75%, Core plans to implement a value-add strategy to lease up the vacancies at the center, which range from 1,200 to 15,000 square feet.
The property is located on the southwest corner of the intersection of Harlem Avenue (27,800 vehicles per day), and 159th Street (34,000 vehicles per day). The retail corridor is further enhanced by major retailers including Home Depot, Meijer, Menards and Burlington. Additionally, a new Pete’s Fresh Market is currently under construction nearby.
In December, in a separate transaction, Core acquired the 71,000-square-foot Woodfield Plaza in Schaumburg, Illinois.
The center, located on the Golf Road retail corridor near Woodfield Mall, was 45% leased at the time of acquisition due to the recent vacating of Buy Buy Baby, a subsidiary of Bed Bath & Beyond, from its 32,800-squarer-foot anchor position in the center after they filed bankruptcy in 2023 and closed all of their stores.
Current tenants at Woodfield Plaza include David’s Bridal, Blick Art Materials and Phenix Salon Suites.
During Core’s due diligence period, the company completed a new lease with SkyZone to re-tenant the former Buy Buy Baby space. SkyZone, a kid’s entertainment franchise with 300 locations across the country, is currently in for zoning and permitting and anticipates opening in mid-2024.
Shadow anchors of the project include Planet Fitness and an H-Mart grocery store that is under construction and scheduled to open in 2024.
The Golf Road retail corridor is anchored by one of the largest malls in the country, Simon Property Group’s Woodfield Mall, and the immediate area features nearly every active national and regional retailer, hotel chain, restaurant, and entertainment user.
The acquisition of Park Center in Tinley Park was brokered by Rick Drogosz of Mid-America Real Estate Corp. Financing was provided by American Commercial Bank & Trust and leasing will be headed by Paige Schiesser and Brooke Spinell of Mid-America. Property management services will be provided by Core Acquisitions.
Woodfield Plaza acquisition financing was provided by Lakeside Bank. Property management services will be provided by Core Acquisitions.
In addition to these two retail property transactions between Core Acquisitions and DRA Advisors, the companies completed two additional transactions in the past year, including Carriage Crossing, a 521,000 SF outdoor lifestyle center in Collierville, Tennessee, and Boulevard North Shore, a 91,000 SF center in Skokie near the Old Orchard Mall.