Newport Capital Partners recently acquired Edens Plaza on behalf of Newport Capital Partners Fund II. The 183,000-square-foot retail center was purchased for $72,000,000 in an off-market transaction from Edens Plaza LLC.
Initially developed in 1956 and redeveloped to its current configuration in 1994, Edens Plaza is located just east of the Edens Expressway (I-94), at the intersection of Skokie Boulevard and Lake Avenue, in the affluent North Shore community of Wilmette. Since its development following the opening of the Edens Expressway in 1951, Edens Plaza has been regarded as one of Chicagoland’s busiest and most prominent mixed-use suburban, neighborhood, convenience shopping centers.
“Edens Plaza is a perfect fit for Newport Fund II’s investment strategy,” said Derrick McGavic, Newport managing principal. “Not only is this high-quality asset a neighborhood center with a strong tenant roster since its development, but it is also in a premium location with 200,000 vehicles that drive by daily. Edens Plaza meets the needs of consumers and tenants in a rapidly changing retail environment, and we are confident that it will continue to thrive.”
Edens Plaza is currently 92 percent leased and anchored by Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School, among others. Newport is also a part of the planned 2019 opening of a best-in-class, state-of-the-art pediatric care center, which will be run jointly by NorthShore University HealthSystem and Advocate Health Care. Currently underway, the 35,000-square-foot redevelopment will occupy the former Carson’s Furniture Gallery space located in the north side of the property.
“We believe that well-located retail assets will stand the test of time,” saidBen Andrews, Newport principal. “Edens Plaza’s long-time high occupancy and its irreplaceable location are factors that make it a great acquisition for our portfolio. The addition of the NorthShore / Advocate new pediatric care center later this year is the perfect example of the property’s versatility in this ever-evolving asset class, and opens a number of doors to further exciting changes.”
Debt financing for the transaction was provided by LoanCore Capital and was arranged by Ben Greazel and Joel Simmons of Newmark Knight Frank.
