Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Chicago & Midwest  + Greater Chicagoland  + Retail  | 
Continental Realty Corp. has acquired five grocery-anchored shopping centers for $93.6 million, its first acquisition in suburban Chicago

Continental Realty Corp. Enters Chicagoland via $94M Grocery-Anchored Portfolio 

Baltimore-based Continental Realty Corporation (CRC) has entered the suburban Chicago real estate market, acquiring a portfolio of five shopping centers comprising more than 900,000 square feet of gross leasable area. The grocery-anchored and necessity-based assets located in Cicero, Mount Prospect, Naperville, and Palatine, IL were acquired from DiMucci Companies for $93.6 million.  

Tucker Development, a Chicago-based real estate and development firm, acted as an acquisition and development consultant on the transaction. The portfolio was cumulatively 84% occupied at the time of the sale, leased by national retailers such as Sam’s Club, The Home Depot, Jewel-Osco, Kroger, Walgreens and Ross Dress for Less. 

“Our expansion into the Chicago suburbs was opportunity-driven, given the portfolio’s irreplaceable assets and strategic positioning,” said JM Schapiro, CEO of CRC.  

Josh Dinstein, SVP, acquisitions for CRC, said the company acquired the portfolio “substantially below replacement cost.” 

Connect

Inside The Story

Continental Realty

About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition