Full-service real estate firm Time Equities, Inc. (TEI) continues to grow its footprint in Illinois by recently acquiring two shopping centers in Chicagoland totaling $19.45 million. TEI now owns nine retail assets throughout the state.
The first asset purchased for $18.55 million is Arlington Town Square, a transit oriented retail development (with ancillary second floor office) consisting of two individual properties totaling 136,970 square feet in Arlington Heights. Purchased from Hutensky Capital Partners (Hutensky), the two individual properties are broken down as follows:
- The main component, located at 3-89 Evergreen Avenue and 40-88 Arlington Heights Road, includes 125,386 square feet of ground floor retail and second floor office with tenants including @Properties, Augmedics, Passero (upscale Italian restaurant), Loft and Athletico;
- The second component, located at 15-25 Dunton Avenue, is an 11,584-square-foot retail building that is leased to Jimmy Johns, Sweet T’s Bakery, McDonald Dance Academy and Drost Kivalahan McMahon & O’Connor as tenants.
The second asset purchased in an unrelated transaction from Belvidere Venture (Belvidere), an Illinois limited partnership, is the North State Shopping Center, a multi-tenant retail strip center located at 1119 North State Street in Belvidere, Illinois, for $900,000 all-cash. North State is a neighborhood center anchored by Family Dollar and shadow anchored by ALDI.
For both deals, TEI was represented in-house by Ziff, Jonathan Kim, Associate Director of National Retail and Grant Scott, Senior Portfolio Manager.
Hutensky, the seller of Arlington Town Square, was represented in-house by Chris Covey and externally by John May and Reid Eber of Prodigy Real Estate Group.
Belvidere, the seller of North State Shopping Center, was represented by Brian Parmacek of Marcus & Millichap.
