Newport Capital Expands Chicago-Area Retail Footprint
- Nov 12, 2020
Newport Capital Partners has acquired Stonebrook Plaza in Merrionette Park, Ill., from Regency Centers. Mid-America Real Estate Corp. brokered the disposition of the 95,825-square-foot, grocery-anchored retail asset.
The property is located at 3243 W. 115th St., 17 miles southwest of downtown Chicago. The parcel sits between interstates 294 and 75, in a predominantly residential neighborhood, also supplying adjacent communities, such as Beverly, Evergreen Park and Oak Lawn. The area holds a population of more than 150,000 and some 56,000 households within a 2-mile radius.
The 96 percent-leased Stonebrook Plaza’s main tenant is Jewel-Osco. Other retailers include Pet Supplier Plus, H&R Block and Beggars Pizza. The property also houses one of the first Blink Fitness locations in the Chicago market.
Principal Joe Girardi led the Mid-America Investment Sales team working on behalf of the seller. Earlier this year, Newport Capital sold another Chicago-area shopping center in Wilmette, Ill. The almost 42,000-square-foot asset traded in a deal brokered by JLL.