Newport Capital Partners acquired Stonebrook Plaza in Merrionette Park on behalf of its value add-focused Newport Capital Partners Fund II. The 95,825 square foot neighborhood, grocery-anchored center was acquired from Jacksonville, FL-based Regency Centers for an undisclosed amount.
Stonebrook Plaza is currently 96 percent leased, anchored by Jewel-Osco, and also includes Blink Fitness, Pet Supplies Plus, eateries, and personal care tenants. Jewel-Osco, the market-leading grocer in Chicagoland, has operated at the property since 1985.
“This acquisition is a perfect fit with Newport Fund II’s portfolio and investment strategy,” said Ben Andrews, Newport Capital Partners’ principal & head of investments. “Stonebrook is a high-quality neighborhood center with a strong tenant roster that meets the needs of both consumers and merchants in this submarket. We are confident that this asset will continue to thrive, notwithstanding the pandemic, through our hands-on operating approach and value add initiatives.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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