A partnership between funds managed by affiliates of Fortress Investment Group has sold Evergreen Plaza, a recently redeveloped, 255,249-square-foot neighborhood shopping center anchored by Whole Foods Market in the Chicago-area community of Evergreen Park, Ill.
LBX Investments acquired the asset for $67.25 million.
“Evergreen Plaza represents the largest single-asset retail sale transaction in Chicago year to date and is indicative of capital trends from new investors seeking scalable, market dominant open-air retail,” said Amy Sands, a managing director at JLL Retail Capital Markets, which represented the seller. “This is LBX’s first acquisition in the Midwest, demonstrating the strength and potential they see for the asset and the region.”
Anchored by the only Whole Foods Market within a six-mile radius, Evergreen Plaza has a category-leading anchor tenancy that also includes T.J. Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness. Th
