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Chicago & Midwest  + West Side  + Retail  |  June 24, 2024
Jasmine Kilman
By: Jasmine Kilman

Jewel-Osco-Anchored Retail Center Sells for $31M

Newport Capital Partners, a Chicago investment firm, has paid $30.6 million for a 109,984-square-foot grocery-anchored shopping center in Chicago’s near West Side.

Anchored by Jewel-Osco., the property’s tenant mix includes Dunkin’​, Subway, and Bank of America. The shopping center is situated in the Illinois Medical District, which has seen significant growth over the last few years, with several luxury apartments and mixed-use developments going up nearby.

CBRE’s Richard A. Frolik, Christian Williams, and Michael Wilson were the lead brokers in the transaction. Newport Capital Partners bought the retail property at the intersection of South Ashland Avenue and Roosevelt Road from Indianapolis-based real estate investment trust Kite Realty Group, reported Crain’s.

The deal marks the latest in a string of transactions of similar properties also anchored by Jewel-Osco grocery stores. In May, First National Realty Partners closed on Townes Crossing, a 105,731-square-foot shopping center located in Oswego, and Mid-America Real Estate | Investment Sales Group recently brokered the sale of Shops of Heatherfield in Chicago’s North Shore.

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Newport Capital PartnersCBRE

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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