Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Woodgrove Festival, a 157,276-square-foot retail center in the Chicago suburb of Woodridge, Illinois. The HFF team marketed the property on behalf of the seller, Kimco Realty Corporation. North American Real Estate (NARE) purchased the asset for $20 million.
Completed in 1985 and renovated and expanded in 2010, Woodgrove Festival is 88.3 percent leased to Hollywood Blvd. Cinema, Five Below, Carter’s, Shoe Carnival, Pearle Vision, Starbucks, T-Mobile, Carrabba’s Italian Grill, Jameson’s Charhouse, Panera Bread and more. Additionally, the center is shadow anchored by Kohl’s.
Situated on 15.17 acres at 1001 West 75th Street, Woodgrove Festival is located at the southwest corner of 75th Street and Lemont Road, a highly trafficked intersection with 58,248 vehicles per day in the heart of the 75th Street retail corridor of Woodbridge, a community about 29 miles west of downtown Chicago. More than 103,000 residents with an average annual household income of $105,000 live within a three-mile radius of the center, which services the neighboring communities of Downers Grove, Darien, Lisle, Woodridge and Westmont.
The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell.