Chicago-area grocery-anchored retail center financed for $15.68M

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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