Newport Capital Partners has acquired Danada Square East, a 202,000-square-foot convenience retail center, for $31.6 million. The property was acquired on behalf of Newport Capital Partners I, L.P.
Located at the northeast corner of Butterfield and Naperville roads in Wheaton, the property is 96 percent leased and anchored by Dominick’s Fine Foods. Other tenants include PNC Bank, Petco, MC Sporting Goods, Spokes, Dick Blick Art Materials, the Bedding Experts, IHOP and KFC.
Also involved in the transaction were: Ben Wineman and Stan Nitzberg of Mid-America Real Estate Group; Ben Greazel and Joel Simmons of Newmark Grubb Knight Frank; and Alison Buckley and Kathy Thurston of The PrivateBank.
Newport Capital Partners Fund I, L.P. is a closed end, co-mingled investment fund targeting multi-tenant, convenience and necessity based retail properties in major Midwestern metro areas.
