On the Hunt for Retail in Chicago
- Jul 14, 2015
By Ioana Neamt, Associate Editor
A local investor is betting big on The Prairie State retail market.
Greenwood Global Inc. recently purchased the 590,000-square-foot Kendall Marketplace shopping center in Yorkville, Ill. Having opened in 2008 at the height of the financial crisis, the property encountered difficulty in becoming the major power and lifestyle center it was initially intended to be.
Greenwood plans to breathe new life into the project by developing multiple outparcels and adding up to 155,000 square feet of retail space to the Class A center. The company also intends to develop 192 single-family homes and townhomes in an area adjacent to the shopping center.
“The property has a great backbone, and we look forward to working with CBRE, who has been selected to be the property manager and leasing agent, on accelerating development and leasing, and transforming this property into a premier shopping and eating experience, as we continue sourcing other value creation investment opportunities,” said Alex Berman of Greenwood Global Inc.
Located at 731-985 Erica Lane on 129 acres of land, the regional center provides access to Route 34 and the Cannonball Trail. The center is anchored by Dick’s Sporting Goods, PetSmart and Marshalls and shadow-anchored by Home Depot, Kohl’s and Super Target.
Alex Berman is best-known for closing a $1.43 billion sale of 47 retail assets to Blackstone and DDR Corp. in 2012 as CEO of Israel’s EPN Group. Berman also served as the head of General Growth Properties International until early 2009.
Image courtesy of JLL