Newport Capital Partners has acquired Stonebrook Plaza on behalf of its value-add-focused Newport Capital Partners Fund II. The 95,825-square-foot neighborhood, grocery-anchored center in Merrionette Park, Illinois. The property was acquired from Jacksonville, Florida-based Regency Centers for an undisclosed amount.
Stonebrook Plaza, located at the intersection of Kedzie Avenue and W 115th Street, is currently 96 percent leased, anchored by Jewel-Osco, and also includes Blink Fitness, Pet Supplies Plus, eateries and personal care tenants. Jewel-Osco, the market-leading grocer in Chicagoland, has operated at the property since 1985.
Stonebrook Plaza’s convenient location within a densely populated submarket and its quality tenant mix has contributed to the Property becoming the primary, necessity-based, neighborhood center serving the residents of Merrionette Park and surrounding communities of Beverly, Oak Lawn, and Evergreen Park.
“This acquisition is a perfect fit with Newport Fund II’s portfolio and investment strategy,” said Newport Capital Partners’ principal and head of investments, Ben Andrews. “Stonebrook is a high-quality neighborhood center with a strong tenant roster that meets the needs of both consumers and merchants in this submarket. We are confident that this asset will continue to thrive, notwithstanding the pandemic, through our hands-on operating approach and value add initiatives.”