Originally posted at REjournals
After executing a long-term, phased business plan, Core Acquisitions has completed the disposition of a 114,735-square-foot portion of Westview Center, a retail center anchored by AutoZone and Chuck E. Cheese, among others, and located in Streamwood. The sale price was $10.2 million.
The property was sold to a private real estate firm based in Omaha, Nebraska.
The most recent element of the business plan for Westview Center was the sale of two multi-tenant buildings that comprised a total of 114,735 square feet. This follows the sale of eight buildings within the shopping center in prior years. The primary tenants of the most recent sale included AutoZone, Chuck E Cheese, Dollar Tree, Oak Street Health, and American Freight.
At disposition, the property was 100% leased.
Core’s acquisition of the property in 2019 originally included 11 single and multi-tenant retail buildings totaling 321,000 square feet. At the time of acquisition, the center was 71% leased. Over the course of four years, Core executed on a multi-faceted business and investment plan that was highlighted by:
- Property leasing and re-tenanting to increase the asset’s creditworthiness, which included the completion of 12 new leases and renewals totaling over 150,000 square feet of space. Major new leases included AutoZone (34,300 square feet), dd’s Discounts, a subsidiary of Ross Dress for Less (22,100 square feet), and Oak Street Health (9,900 square feet). Core was also able to secure long-term lease extensions with LA Fitness, Dollar Tree, and KFC.
- Disposition of six single-tenant outlot parcels at cap rates that were highly accretive to the overall deal, including Taco Bell, KFC, Portillo’s, Consumer Credit Union, American Mattress, and Smoothie King.
- Disposition of a 60,000-square-foot single-tenant building occupied by LA Fitness.
- Disposition of a 117,000-square-foot multi-tenant building anchored by a 67,000-square-foot Tony’s Finer Foods. Prior to the sale of this building, Core completed a new 10-year lease for 22,000 square feet with dd’s Discounts, a subsidiary of Ross Stores, Inc.
Westview Center, situated just north of Irving Park Road, features ample frontage along Barrington Road where the traffic count is 31,400 vehicles per day. The center is in close proximity to many major retailers including a Walmart Supercenter, Target, Home Depot, and Jewel-Osco.
Sean Sharko and Austin Weisenbeck of Marcus and Millichap represented Core Acquisitions in the transaction. Project leasing was handled by Mid America Asset Management. The property was managed by Core Acquisitions. Financing was provided by Heartland Bank and Trust.