Privately held, New Jersey-based, full-service real estate investor Lamar Companies teamed up with Colorado-based real estate company Real Capital Solutions for the successful acquisition of a sizeable open-air shopping center in the western Chicago submarket of Geneva, Ill.
The joint venture recently announced that it was the proud new owner of Geneva Commons, a hybrid, open-air center that incorporates more than 437,000 square feet of suburban Chicago retail space and accommodates a dynamic mix of casual and sit-down dining; fitness; beauty; jewelry; furniture; pet; apparel; and service businesses.
“Geneva Commons is well-positioned as the most dominant and productive lifestyle center in Chicago’s western suburbs,” said Frank Maresca of Lamar Companies. “The property enjoys a unique location and competitive positioning that insulates it from direct competition. We look forward to reinvesting in this premier asset to drive further leasing activity.”
The property’s trade area includes more than 246,000 residents earning an average annual household income in excess of $155,600, which is more than 40% higher than the average across the state of Illinois. What’s more, the traffic count at this location is more than 5,000 cars per day. The property is anchored by Barnes & Noble and Dick’s Sporting Goods. Other tenants include The Fresh Market; Binny’s; DSW; HomeGoods; Sephora; Athleta; Lovesac; Williams Sonoma; Pottery Barn; Bath & Body Works; J. Crew Factory; and First Watch.
The new owners reportedly plan to build upon the property’s best-in-class tenant mix to enhance the shopping experience. Upcoming improvements are also expected to enhance the quality of Lamar Companies’ recently assembled portfolio of premier lifestyle centers that present significant value-add potential. Recent acquisitions include The Shops at Valley Square in Warrington, Pa., and Village at Cambridge Crossing in Mount Laurel, N.J.
- Located in the suburban Philadelphia submarket of Warrington, Pa., The Shops at Valley Square includes more than 293,000 square feet of retail space, boasts major street exposure along Pennsylvania State Route 611 and sees a traffic count of more than 31,600 cars per day.
- Village at Cambridge Crossing is a neighborhood center that incorporates nearly 107,500 square feet of suburban metropolitan Philadelphia retail space. It’s located on State Route 38 and the New Jersey Turnpike, and benefits from a daily traffic count of more than 77,500 cars.
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