Chicago — Bellwether Enterprise Real Estate Capital LLC (BWE) secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) to acquire the Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos.
Comprising five buildings and 900,000 square feet, the portfolio was 82 percent leased at the time of the sale. The sale included Cicero Marketplace in Cicero, Illinois; Northwest and English Valley Shopping Center in Palatine, Illinois; Golf Plaza II in Mount Prospect, Illinois; and Fox River Commons in Naperville, Illinois. Together, the shopping centers include nearly 70 tenants, with a major focus on grocery and convenience stores such as Sam’s Club, The Home Depot, Jewel-Osco, Walgreens and Kroger.
Daniel Rosenberg of BWE’s Chicago office arranged a three-year, fixed-rate, interest-only loan. CRC will use the financing to finance portfolio acquisitions and capital development, renovation and leasing costs to increase occupancy.