AmCap, in a three way partnership with Encore Enterprises, has acquired Liberty Sq., a 107,431-square-foot, grocery-anchored retail middle within the Wauconda suburb of Chicago.
In accordance with Lake County public information, the customer paid $18.7 million for the property, financing the acquisition with an $11.5 million mortgage from American United Life Insurance coverage Co., resulting from mature in 2028. The vendor was Broad Attain Retail Companions, which had acquired the asset in 2018 for $14.1 million, CommercialEdge information reveals.
Accomplished in 1987, Liberty Sq. contains seven one-story buildings throughout roughly 10 acres, based on the identical information supplier. A Jewel-Osco 54,522-square-foot grocery store anchors the property. Different tenants embrace the U.S. Postal Service, Constitution Health, KFC, Subway, Pet Provides Plus and PNC Financial institution.
The purchasing middle is positioned at 547 W. Liberty St., on the intersection of U.S. 12 Freeway and Illinois 176 Route. Downtown Chicago is a few 45 miles southeast.
Liberty Sq. is AmCap’s second acquisition in partnership with Encore Enterprises and its fifth Chicago-area property. The agency’s native portfolio additionally contains the Amazon Recent-anchored Norridge Commons in Norridge, In poor health., and the Aldi-anchored Mallard Crossing in Elk Grove Village, In poor health., in addition to two different Jewel-Osco-anchored retail facilities in Arlington Heights, In poor health. and Hoffman Estates, In poor health.
The retail sector thrives in Chicago
In accordance with a Lee & Associates retail market report, Chicago’s emptiness charge continued to lower in the course of the second quarter of this yr to five.8 p.c, marking a 30-basis-point enchancment year-over-year, whereas 321,976 sq. toes of area had been added to stock. One other market report from JLL revealed roughly 4,432 retailer openings in contrast with just one,954 closings throughout the identical time frame.
Acknowledging the market’s potential, AmCap President & CIO Jake Bisenius said in ready remarks that financial and demographic developments are getting stronger within the Chicago submarkets and supporting retail gross sales development. Earlier this yr, Continental Realty Corp. has purchased a five-property purchasing middle portfolio within the Chicago metro space for $93.6 million.
