JLL closes sale of suburban Chicago retail center
The multi-tenant, daily-needs neighborhood shopping center is in the Northern suburb of Wilmette
CHICAGO, January 13, 2020 – JLL Capital Markets announced today that it has closed the sale of Westlake Plaza, a 42,018-square-foot, internet-resistant neighborhood shopping center in Chicago’s affluent Northshore community of Wilmette, Illinois.
JLL represented the seller, Chicago-based Newport Capital Partners. A private real estate fund advised by Crow Holdings Capital purchased the asset.
Westlake Plaza is one of only three neighborhood centers within the market, and no new retail space east of Interstate 94 has been delivered to the market over the last 40 years. The center is 83% leased to a variety of internet-resistant tenants, including Supercuts, Subway, Dunkin’ Donuts, Westlake Chiropractic HealthCare Center, Finest Fit Cleaners, Ivy Cleaners, Mei Lin House and Professional Eye Care. Situated on 2.5 acres at 3207 Lake Avenue, Westlake Plaza is on Chicago’s North Shore and surrounded by some of the most prestigious and affluent suburbs in the country. More than 110,000 residents earning an average annual household income of $182,250 live within a three-mile radius of the center.
The JLL Capital Markets team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Newport Capital Partners is a Chicago-based, retail-focused, real estate investment management firm. Formed in 2004, Newport Capital Partners has invested over $600 million of capital in 27 neighborhood retail assets in various US markets. Visit newportcapitalptrs.com for more information.
Crow Holdings Capital is the real estate investment management company of Crow Holdings. Led by a highly experienced team, Crow Holdings Capital manages over $10 billion of real estate assets through its series of eight flagship value-add funds invested across property types in the United States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is a privately owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership and innovation.
For more information, please visit crowholdings.com/chc.