Next Realty LLC and Outlook Development Create JV to Acquire Retail Center; Evergreen Square Shopping Center in Peoria Represents Core-Asset Acquisition
Northbrook, Ill. (March 1, 2014)—An affiliate of Next Realty LLC has acquired Evergreen Square Shopping Center, a multi-tenant community retail property in Peoria, Ill. Next Realty acquired the property in a joint venture with Outlook Development on behalf of Next Realty Fund VIII. The terms of the transaction were not disclosed. Financing for the acquisition was secured by Dan Rosenberg at Cohen Financial through First Midwest Bank.
The acquisition of Evergreen Square Shopping Center, currently 96 percent leased and located at 801 West Lake Avenue, represented a “core” retail acquisition.
“Evergreen Square represented an attractive investment opportunity for a number of reasons,” said Eteri Zaslavsky, vice president, Next Realty. “It is a solid, steady-performing asset that is one of the top retail assets in its trade area..”
Evergreen Square is shadow-anchored by a Kroger Food Store and K-Mart. With approximately 117,000 feet of rentable space, the center is 96 percent leased to national, regional and local tenants that include T.J. Maxx, Petco, LensCrafters, Dollar Tree, H&R Block, Dots and Shoe Carnival, among others.
The center is located at the signalized intersection of Sheridan Road and Lake Avenue. The site is located in a major retail thoroughfare with neighboring retail tenants: Hy-Vee, Walgreens, Radio Shack and Bed Bath and Beyond and many others.
Evergreen Square features ample parking and convenient ingress and egress from both Sheridan Road and Lake Avenue, two primary traffic arteries in the Peoria retail trade area. Demonstrating the strength of this area, more than 26,000 vehicles drive past the center every day. Further, the population within a three-mile radius exceeds 82,000.
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