An affiliate of Next Realty, LLC has completed the disposition of The Shops at Flint Creek after nearly a decade of ownership. The grocery-anchored retail center is located in northwest suburban Barrington, Illinois.
The Shops at Flint Creek is a 60,000-square-foot retail center that is anchored by Heinen’s Grocery Store. This was the first Heinen’s location in Illinois. Additional tenants included Athletico, Alexian Brothers Health System, Epic Burger, and Club Pilates.
An affiliate of Next Realty acquired the center in 2014. Through the course of property ownership and management, Next maintained a high occupancy rate at the retail center. Recently, Heinen’s executed a long-term lease extension at the property which further enhanced the value of the center.
After fulfilling the long-term business and investment plan Next originally devised and executed for The Shops at Flint Creek, the disposition of the asset created the opportunity to provide strong investment liquidity to investors.
Grocery-anchored centers like The Shops at Flint Creek tend to exhibit strong performance, often surpassing other types of centers. This is attributed to the essential nature of grocery stores which typically serve as significant traffic generators. Additionally, these centers usually boast a diverse tenant mix, enjoy strategic location advantages, and tend to be resistant to the impact of e-commerce.
Chipotle Restaurant Build Complete, May Opening
Chipotle opened May 7th at the newly developed 2,460-square-foot restaurant on a shopping center outlot in Barrington. The quick service restaurant has parking for 25 cars and a “Chipotlane” for mobile order pickups. An affiliate of Next Realty acquired the 0.93-acre site in 2022 and developed the site.
The new Chipotle store is complementary to the overall tenant mix at the 60,000-square-foot The Shops at Flint Creek, which is anchored by Heinen’s.
