Continental is increasing in a sector that has held up even amid the challenges created by the rise of e-commerce and the arrival of the COVID-19 pandemic greater than two years in the past. The Chicago properties have a big assortment of outlets that promote requirements, a wholesome phase of the retail market. Grocers and drugstores occupy about 39% of the portfolio, based on Continental.
“The acquisition of the suburban Chicago grocery-anchored retail portfolio is nicely aligned with our general funding thesis and is a chance to personal and function an institutional-quality actual property portfolio that includes a powerful lineup of grocery, drugstore and necessity-based customers, mixed with robust value-add potential,” Continental Senior Vice President Josh Dinstein stated within the assertion.
Continental has acquired:
- Cicero Market, a 392,000-square-foot property at 3027 S. Cicero Ave. in Cicero anchored by Residence Depot, Sam’s Membership, Goal and Meals 4 Much less.
- Northwest Procuring Heart, a 101,000-square-foot purchasing middle anchored by Jewel-Osco at 425-569 E. Dundee Street in Palatine.
- Golf Plaza II Procuring Heart, a 145,000-square-foot property anchored by Walgreens and KD Market at 1000-1080 S. Elmhurst Street in Mount Prospect.
- Fox River Commons, a 241,000-square-foot purchasing middle at 808 S. State Route 59 in Naperville with tenants together with Worldwide Contemporary Market and Outback Steakhouse.
- English Valley Procuring Heart, a 24,000-square-foot unanchored strip middle at 237-285 W. Dundee Street in Palatine.
“We intend to focus on the restaurant, gentle items, leisure and medical classes to fill present vacancies with customers that carry long-term worth and enhanced power to the middle and the encircling communities,” Continental CEO JM Schapiro stated within the assertion. “We consider there may be demand for retail area in every of those respective submarkets, and using our robust dealer and tenant relationships, we intend to considerably improve the tenant combine throughout the portfolio.”
Continental owns purchasing facilities totaling almost 7 million sq. ft and about 9,000 residences within the Southeast and Mid-Atlantic states, Texas, Michigan and now Illinois.