In a transaction brokered by Cushman & Wakefield, Starwood Capital Group and Starwood Retail Partners acquired The Promenade Bolingbrook, an open-air town center located in suburban Chicago. The Promenade’s major tenants include Macy’s, Bass Pro Shop, Barnes and Noble and DSW.
The Cushman & Wakefield capital markets team of Michael Winn, Mark Gilbert, Evan Halkias and Michael Marks represented Forest City Enterprises in the sale of the property.
“This is a strategic acquisition for Starwood as they continue to build critical mass in the Chicago retail market,” said Cushman & Wakefield Vice Chairman Michael Winn.
The 770,524-square-foot LEED certified lifestyle center is located between two major highways, I-55 and I-355.
“The property is centrally located, and has tremendous accessibility and visibility,” said Cushman & Wakefield Senior Director Evan Halkias. “It is Bolingbrook’s Town Center. Its diverse tenancy attracts thousands of visitors each day.”
Scott Wolstein, chief executive officer of Starwood Retail Partners, believes they can add both strategic and operational value to the asset.
“With a growing population and an average household income approaching $100,000, this trade area represents a promising market for The Promenade,” Wolstein said. “We are excited to purchase a property that is well positioned as both a retail center and integral community asset.”
The Promenade provides a pedestrian friendly gathering place for shopping, dining and entertainment. In the summer, the complex hosts live outdoor concerts and a weekly farmer’s market.
“We are pleased to add another high-quality lifestyle center to our retail portfolio,” said Ethan Bing, vice president of Starwood Capital Group. “We are acquiring a fundamentally strong asset below replacement cost that generates attractive cash-on-cash returns, and represents a compelling opportunity for the firm and our investment partners.”
