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| Amy Sands |
CHICAGO, IL – JLL Capital Markets has closed the $67.25 million sale of and arranged $45.39 million in acquisition financing for Evergreen Plaza, a recently redeveloped, 255,249-square-foot neighborhood shopping center anchored by Whole Foods Market in the Chicago-area community of Evergreen Park, Illinois.
JLL advised the seller, a partnership between
funds managed by affiliates of Fortress Investment Group LLC (“Fortress”) and
Lormax Stern. LBX Investments acquired the asset and engaged JLL to place the
10-year fixed-rate acquisition loan with Angel Oak Commercial Lending, LLC.
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| Clinton Mitchell |
Anchored by the only Whole Foods Market within a six-mile radius. Evergreen Plaza has a category-leading anchor tenancy that also includes T.J.Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness.
The 94-percent-leased center is also home to a
variety of regional and national service, fitness and restaurant users such as
Starbucks, Skechers, Potbelly, Mod Pizza and Visionworks.
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| Michael Nieder |
Evergreen Plaza is at 9500 S Western Ave. in Evergreen Park about 15 miles from downtown Chicago.
The
center is at a high-traffic location visible to more than 48,500 vehicles per
day. This area also has high population density with approximately 222,000
residents within a three-mile radius, and Evergreen Plaza serves as the main
shopping destination for this population.
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| Christopher Knight |
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.
“Evergreen Plaza represents the largest
single-asset retail sale transaction in Chicago year to date and is indicative
of capital trends from new investors seeking scalable, market dominant open-air
retail,” Sands said.
“This is LBX’s first acquisition in the Midwest,
demonstrating the strength and potential they see for the asset and the
region.”
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| Gregg Shapiro |
“Evergreen Plaza has demonstrated strong tenant
and operational resiliency and is poised to provide attractive future
stability,” Mitchell added.
“Evergreen is positioned to continue attracting
category leading national tenancy and outperform its competitive set given the
lack of new supply in a high barrier-to-entry submarket.”
The JLL Capital Markets Debt Advisory team
representing the buyer was led by Senior Director Christopher Knight and
Managing Director Gregg Shapiro.
“LBX has been growing steadily throughout the
Southeast in recent years, and we are thrilled to help them acquire another
asset as well as establish a presence in the Chicago metro,” Shapiro said.
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| Evergreen Plaza, 9500 South Western Avenue, Evergreen Park, Illinois |
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Email: Kimberly.Steele@am.jll.com
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