Keely Polcyznski
CHICAGO, IL – JLL Capital Markets has completed the $18.75 million sale of Hawthorne Commons, a 48,942-square-foot, Class A mixed-use/medtail property anchored by Northwestern Medicine in Vernon Hills, Illinois.
JLL represented the seller, a joint
venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital
Trust, in a joint venture with Pantheon, purchased the asset.
Hawthorne Commons, a 48,942-square-foot,
Class A mixed-use/medtail property
anchored by Northwestern Medicine
in Vernon Hills, IL
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The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Alex Sharrin, Managing Director Keely Polcyznski and Senior Director Michael Nieder.
“There has been a growing trend over the past few years towards medtail properties, which are traditional retail assets anchored by healthcare tenants ranging from flagship health systems to local / regional operators that want to be more in sight / in mind for their consumer,” Sharrin said.
Alex Sharrin
“The defensive nature of the healthcare industry makes these assets extremely attractive to a variety of investors and we continue to see more and more of this subtype emerge across the U.S.”
“This property’s prime location
in the Vernon Hills retail corridor and its best-in-class anchor tenant, Northwestern
Medicine, presented a compelling investment opportunity,” said Christian
Whipple, CEO, Elliott Bay Capital Trust.
“We are excited to be part of a
market that is experiencing dynamic growth and redevelopment, particularly with
the transformative Hawthorn Mall mixed-use project adjacent to the property. 
Michael Nieder
"This acquisition not only reflects our strategic approach to identifying high-value assets but also reinforces our confidence in the future of this vibrant submarket of Chicago.”
“We are proud of the completed
project and believe it reflects strong collaboration with the village board,”
added Larry Powers, Centrum Realty & Development.
“We value our relationship with
Northwestern Medicine, and it was important to us that the next owner of this
property understood the needs of medical office. From the onset of our
discussions, it was clear that Christian had the ideal background and expertise
to own and manage this asset.”
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| Christian Whipple |
The property sits on a 2.86-acre
site at 850 N Milwaukee Ave. in an affluent North Shore community of Chicago
where the average household income is approximately $153,000. Hawthorne Commons
is positioned at a highly visible intersection seeing more than 61,000 cars per
day and is within a dominant retail corridor of Vernon Hills.
Within a one-mile radius of Hawthorn Commons there is more than four
million square feet of institutionally owned Class A retail, including Mellody
Farms and Hawthorn Mall, which see more than six million visitors per year and
drive exceptional traffic to the property. The immediate area has also seen a
surge of residential development with close to 1,000 new units being delivered
or under construction.
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| Larry Powers |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos
and research resources, please visit JLL’s newsroom.
CONTACT:
Kristen Murphy,
Director, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@jll.com
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