Newport Capital Partners has acquired Edens Plaza on behalf of Newport Capital Partners Fund II.
The 183,000-square-foot retail center located on Lake Avenue in Wilmette, Ill., was acquired for $72 million in an off-market transaction from Edens Plaza.
“Edens Plaza is a perfect fit for Newport Fund II’s investment strategy,” stated Derrick McGavic, managing principal at Newport Capital. “Not only is this high-quality asset a neighborhood center with a strong tenant roster since its development, but it is also in a premium location with 200,000 vehicles that drive by daily. Edens Plaza meets the needs of consumers and tenants in a rapidly changing retail environment, and we are confident that it will continue to thrive.”
Initially developed in 1956, and redeveloped to its current configuration in 1994, Edens Plaza is located just east of the Edens Expressway (I-94), at the intersection of Skokie Boulevard and Lake Avenue, in the affluent North Shore community of Wilmette. Since its development, following the opening of the Edens Expressway in 1951, Edens Plaza has been regarded as one of Chicagoland’s busiest and most prominent mixed-use suburban, neighborhood, convenience shopping centers.
“We believe that well-located retail assets will stand the test of time,” added Ben Andrews, principal. “Edens Plaza’s long-time high occupancy and its irreplaceable location are factors that make it a great acquisition for our portfolio. The addition of the NorthShore/Advocate new pediatric care center later this year is the perfect example of the property’s versatility in this ever-evolving asset class and opens a number of doors to further exciting changes.”
Edens Plaza is currently 92 percent leased and anchored by Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School, among others. Newport is also pleased to be a part of the planned 2019 opening of a best-in-class, state-of-the-art pediatric care center, which will be run jointly by NorthShore University HealthSystem and Advocate Health Care. Currently under way, the 35,000-square-foot redevelopment will occupy the former Carson’s Furniture Gallery space, located in the north side of the property.