A fund managed by New York-based DRA Advisors has partnered with Northbrook, Illinois-based Pine Tree, LLC to acquire The Shops at Kildeer, a 171,339-square-foot shopping center in the affluent Chicago suburb of Kildeer, Illinois, for the purchase price of $32.5 million.
First developed in 2001, The Shops at Kildeer is located approximately 33 miles northwest of downtown Chicago near the intersection of Rand Road and Long Grove Road—directly across from Deer Park Town Center, one of the Chicago MSA’s highest-performing lifestyle centers—at the epicenter of one of the strongest retail nodes in the Chicagoland area.
Anchored by Bed Bath & Beyond, Ulta Beauty, Michael’s, Old Navy, Uncle Dan’s (formerly Erehwon Mountain Outfitter) and Cost Plus World Market, the shopping center also features a complementary mix of quick-service restaurants and small shops with excellent visibility along Rand Road/Route 12.
“The Shops at Kildeer combines over 1,200 feet of outstanding and unobstructed visibility from Rand Road, a strong national and regional tenant mix and great market demographics that include the nearby affluent suburbs of Barrington, Lake Zurich and Long Grove,” said Conor Bossy, senior vice president, director of acquisitions for Pine Tree. “We’re proud and excited to have partnered with DRA Advisors in adding this strong community center to our growing portfolio of shopping centers around the country.”
The deal was brokered by George Good and Christian Williams of CBRE. Financing was provided by Wells Fargo and arranged by William Barry of Draper & Kramer.
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