Chicago-area grocery-anchored retail center financed for $15.68M
JLL Capital Markets arranged the financing for Sterling Organization
CHICAGO, October 22, 2020 – JLL Capital Markets announced today that it has arranged $15.68 million in financing for Red Top Plaza, a 147,840-square-foot retail center anchored by Jewel-Osco in Libertyville, Illinois, an affluent suburb of Chicago.
JLL worked on behalf of the borrower, Florida-based Sterling Organization, to place the 10-year, fixed-rate, non-recourse loan with an insurance company.
Red Top Plaza is anchored by Jewel-Osco, a supermarket chain headquartered in the Chicago MSA. The property is also home to a diverse mix of service, essential, restaurant and medical tenants. Located in Libertyville, Red Top Plaza is surrounded by an affluent and dense population. More than 53,000 residents earning an average household income of $143,596 live within a three-mile radius of the property.
The JLL Capital Markets team that represented the borrower was led by Senior Managing Director Christopher Drew, Senior Director Brian Gaswirth, Senior Director Christopher Knight and Director Michael DiCosimo.
“Due to the sound fundamentals of the real estate, grocer performance and a best-in-class borrower with Sterling Organization, we were able to build a strong market of lenders for Red Top Plaza,” Drew said. “The grocer and property have performed well throughout the market volatility, and the lender provided a seamless execution.”
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 sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm whose platform is focused on investing in retail real estate assets across the risk spectrum in major markets within the United States. Sterling Organization is headquartered in West Palm Beach, Florida, and was founded in 2007. Sterling’s total real estate portfolio consists of 67 properties totaling over 12 million square feet.