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Blackstone Puts Schaumburg Shopping Center on the Market
Blackstone has hired the Chicago office of Eastdil Secured to sell Streets of Woodfield, a 693,000-square-foot shopping center next to the Woodfield Mall in Schaumburg, IL, reported Crain’s Chicago Business. The private equity firm paid $168.5 million for the property in 2015, but its value has fallen since then, with expected bids closer to $110 million.
However, few large local shopping centers have sold over the past year or two, so it’s hard to know for sure what they’re worth. Properties with high occupancies and necessity-based retail like grocery stores tend to attract more interest among investors.
That tenant mix could work in favor of the Streets of Woodfield, Crain’s reported. The property at 601 N. Martingale Rd. is about 96% occupied and includes a Whole Foods Market, according to a leasing brochure. Other major tenants include Crate & Barrel, Dick’s Sporting Goods and AMC Theatres.
- ◦Sale/Acquisition
