Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Kohl’s-Anchored Mt. Prospect Retail Trades to CA Buyer
Greenstone Partners sold Mount Prospect Center, a 192,000-square-foot multi-tenant shopping center anchored by Kohl’s and located in the northwest suburb of Mount Prospect, IL. Deal terms weren’t disclosed.
The Chicago-based brokerage represented the seller, an East Coast-based REIT. The property at the corner of Dempster Street and Elmhurst Road received multiple offers before trading to a Northern California-based buyer.
The center’s diverse tenant line-up includes a mix of inline, big box, junior box and outlot tenants. Greenstone said the investment offered the purchaser reliable cash flow from recent long-term tenant renewals, including Kohl’s, while acquiring the property at a substantial discount to replacement cost.
Greenstone Asset Management has been engaged to manage the property for the out-of-state purchaser.
Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
Subscribe to Connect Daily Chicago
