Edwards Realty Company, which owns several popular outdoor lifestyle and mixed-use centers, and Core Acquisitions, which has a successful track record of acquiring and repositioning commercial real estate assets in the retail, office, industrial and multifamily property sectors, have entered into in a joint venture to revitalize the Burr Ridge Village Center.
Located at 701 Burr Ridge Parkway, Burr Ridge Village Center features 200,000 rentable square feet of Class A retail shop space, originally constructed in 2007. The joint venture purchased the Burr Ridge Village Center on January 24, 2019 for $15 million, $70 million below the center’s original construction cost.
“We are very excited about this property and are proud to add it to our award-winning lifestyle and shopping center portfolio,” Edwards Realty Company president Ramzi Hassan said. “The Burr Ridge Village Center has been in need of new leadership and working with Core Acquisitions, we intend to make it a true village center with a downtown atmosphere that encompasses more entertainment, more food and more retail. Our plans will take it from a typical shopping center to one that embraces consumer appeal.”
Currently, retailers at the center include national companies like Victoria’s Secret, Bath & Body Works, Chico’s, White House Black Market, Cooper’s Hawk Winery & Restaurant, Evereve, Francesca’s, J. Jill, Lenscrafters, Starbucks and Chicagoland’s only Kohler Waters Spa location and one of only four around the world. Local retailers at the center include The Hampton Social, Topaz Café, Kelly Cawley, Two Bostons, Wok N Fire and Stix and Stones.
Building on this strong retail base, plans call for a the site to serve as a premiere destination for office, medical use and as an entertainment hub in addition to shopping. The newly acquired retail center is optimally positioned near one of the most successful Life Time Fitness Centers in the country along with a robust condominium cluster with easy access to the nearby Stevenson Expressway (I-55), the Tri-State (I-294) and near County Line Road.
“We see this not only as an exceptional investment but as a great opportunity to apply our creative asset management strategies to make it vibrant, lively and appealing to the Burr Ridge region’s community while adding a downtown flavor,” said Adam Firsel, managing principal of Core Acquisitions.
Burr Ridge Village Center also offers a 1,200-car parking deck, as well as a future development parcel. The Burr Ridge Village Center purchase fits in line with both Core and Edwards investment strategy of acquiring management intensive distressed assets in best-in-class locations with tremendous upside that can be held long term.