Sperry Equities Obtains Chicago-Area Retail Asset For $26 Million
Sperry Equities has acquired a Chicago-area shopping center anchored by Kohl’s for $26.2 million.
The Irvine, California-based firm acquired Willow Creek Center in Glenview, Ill., from Heitman, a Chicago-based real estate investment firm.
Mid-America Real Estate Corporation Principal Rick Drogosz, Principal Ben Wineman and Associate Vice President Emily Gadomski were exclusive brokers on the transaction.
Huntington National Bank granted a $16 million loan to finance the purchase. Drew Burlak, senior vice president at Huntington, originated the transaction and Mary Carlston, director of finance at Sperry Equities was the in-house intermediary on the deal.
Positioned at 2145-2351 Willow Road around 15 miles northwest of Chicago, the 181,024 Sq Ft. shopping center is 87% leased. The property’s other anchor tenants hold ALDI, Michael’s and Planet Fitness and it counts restaurant chains Chipotle, Jersey Mike’s, McAlister Deli and Panda Express among its tenants.
Sperry Equities was formed in 1998 as part of Sperry Commercial Affiliates. The company launched a new capital markets business in Manhattan called Sperry RE Capital last December.