Newport Capital Partners acquires suburban retail center in Chicago suburb
Newport Capital Partners has acquired Edens Plaza on behalf of Newport Capital Partners Fund II.
The 183,000-square-foot retail center located on Lake Avenue in Wilmette, Ill., was acquired for $72 million in an off-market transaction from Edens Plaza.
“Edens Plaza is a perfect fit for Newport Fund II’s investment strategy,” stated Derrick McGavic, managing principal at Newport Capital. “Not only is this high-quality asset a neighborhood center with a strong tenant roster since its development, but it is also in a premium location with 200,000 vehicles that drive by daily. Edens Plaza meets the needs of consumers and tenants in a rapidly changing retail environment, and we are confident that it will continue to thrive.”
Initially developed in 1956, and redeveloped to its current configuration in 1994, Edens Plaza is located just east of the Edens Expressway (I-94), at the intersection of Skokie Boulevard and Lake Avenue, in the affluent North Shore co