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| Broadway at Surf Retail Center near Chicago's Lincoln Park and Lakaview Neighborhoods |
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF)
announced it has closed the sale of and arranged acquisition financing for Broadway at Surf, a
134,285-square-foot, multi-level, grocery-anchored retail center at the conflux
of Chicago’s Lincoln Park and Lakeview neighborhoods.
HFF worked on behalf of
the seller, Invesco. A joint venture
partnership between Intercontinental Real Estate Corporation, on behalf of its
managed fund, U.S. Real Estate Investment Fund, LLC, and Fairbourne Properties,
LLC purchased the asset. Working on
behalf of the new ownership, HFF also placed the acquisition loan with Nationwide
Real Estate Investments.
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| Amy Sands |
Broadway at Surf is
situated on 1.34 acres in the affluent Lincoln Park neighborhood of
Chicago. More than 419,400 residents
living within a three-mile radius of the property earn an average annual
household income of more than $111,000, exceeding both the Chicago MSA and the
Midwest average household income.
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| Clifton Mitchell |
Broadway at Surf is a three-level retail
center anchored by Walmart Neighborhood Market, Bed Bath & Beyond, T.J.Maxx
and Fitness 19. The
97.3-percent-occupied center also includes 125 parking spaces on the roof-top
level.
The HFF investment sales
team representing the seller was led by directors Amy Sands and Clinton Mitchell.
The HFF debt placement team representing the
new owners was led by managing director Timothy
Joyce and associate director Christopher
Knight.
According to HFF, the
premier location of Broadway at Surf and the exceptional credit of the
property’s tenant roster were very well received by the lending community.
This combination ultimately led to very
attractive financing terms for Intercontinental and Fairbourne.
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell
617.543.4873 | www.hfflp.com
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