Greenstone Partners successfully sold Mount Prospect Center, a 192,000-square-foot, multi-tenant shopping center located on 16.8 acres at the corner of Dempster Street and Elmhurst Road in Mount Prospect, Illinois, a northwest suburb of Chicago. The diverse tenant line-up includes a mix of inline, big box, junior box and out lot tenants.
The investment offers 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. The investor also benefits from the ability to add value by leasing the valuable vacant space.
Greenstone fielded multiple offers and exclusively represented the seller, an East Coast-based REIT, and also procured the purchaser, a northern California-based buyer. Greenstone Asset Management has been engaged to manage the property for the out-of-state purchaser.
