Holliday Fenoglio Fowler, L.P. (HFF) announced the $18 million refinancing for Cermak Plaza, a 307,138-square-foot neighborhood retail center in the western Chicago suburb of Berwyn, Illinois and a one-time location for the movie Wayne’s World.
The HFF team worked on behalf of the borrower, Cermak Plaza Associates, LLC, to secure the 10-year, fixed-rate loan with a top 20, blue chip insurance company. Loan proceeds were used to retire an existing loan and fund capital improvements in conjunction with the termination of a lease with Meijer and new lease with top local grocer, Tony’s Finer Foods. The HFF debt placement team representing the borrower included managing director Matthew Schoenfeldt.
The center has been a notable fixture of Chicagoland for more than 60 years, having garnered much acclaim for its public art pieces, one of which (the since-removed Spindle) allowed the center to land a cameo role in 1992’s blockbuster movie Wayne’s World. Cermak Plaza is now 95 percent leased to an outstanding roster of national tenants including Walgreens, Marshalls, Ross Dress for Less, The Gap, McDonald’s, Office Depot, Dollar Tree, Party City and Shoe Carnival.
Originally developed in 1955 by Cermak Plaza Associates, the center has undergone several renovations and expansions over the years with the most recent—an urban modern—being completed in 2014. Situated on 28.95 acres at 7003 West Cermak Road, the property’s location features strong demographics, including a population of nearly 262,000 and an average household income of more than $75,830 within a three-mile radius. Additionally, more than 73 percent of the population is 18 years or older, which makes this a prime location for retail.
“Cermak Plaza has done much more than stand the test of time,” Schoenfeldt said. “The center’s ability to thrive for more than six decades is a testament to the oft-stated maxim that the three elements of great real estate are location, location and location.”
