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Kimco Trades Chicagoland Retail to Local Buyer
HFF has arranged the $20-million sale of Woodgrove Festival, a 157,276-square-foot retail center in the Western suburb of Woodridge, IL. Senior directors Amy Sands and Clinton Mitchell marketed the property on behalf of shopping center REIT Kimco Realty Corporation, which had acquired it in 1998.
Completed in 1985 and renovated and expanded in 2010, Woodgrove Festival is 88.3% leased to a tenant roster including Hollywood Blvd. Cinema, Five Below, Starbucks, T-Mobile and Panera Bread. The buyer, Schaumburg, IL-based North American Real Estate, specializes in acquiring and redeveloping Chicagoland shopping centers.
The 15.17-acre Woodgrove Festival serves the neighboring communities of Downers Grove, Darien, Lisle, Woodridge and Westmont. More than 103,000 residents with an average annual household income of $105,000 live within a three-mile radius of the center.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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