NARE Expands Chicagoland Retail Portfolio

The company acquired Woodgrove Festival, a roughly 157,000-square-foot retail center in Woodridge., Ill. The asset is approximately 89 percent occupied.
Woodgrove Festival

North American Real Estate has expanded its Illinois retail portfolio by acquiring Woodgrove Festival, a 157,276-square-foot shopping center in Woodridge. The property belonged to Kimco Realty Corp. and sold for $20 million. HFF Senior Directors Amy Sands and Clinton Mitchell closed the deal on behalf of the seller.

Woodgrove Festival is located 29 miles west of Chicago, at the corner of 75th Street and Lemont Road. With a nearly 89 percent occupancy rate and 31 stores on the tenant roster, the property is one of the several shopping centers in the Chicago area which survived the retail revolution. Completed in 1985 and last renovated in 1999, the retail center features more than 600 parking spaces, covering a total area of 261,000 square feet.

Anchor tenants include Maurices, Ultra Foods, Petco, Marshalls, Kohls, Toys R Us and Walmart. A number of restaurants including Carrabba’s Italian Grill, Jameson’s Charhouse and Panera Bread operate at this location. More than 100,000 people live within a 3-mile radius, earning an average income of $96,000.

Image courtesy of NARE