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Centrum Properties Sells Center for $16M

GLENVIEW, IL-Newport Capital Partners is buying the 62,815-sf Glenbrook Market Place, which is anchored by Walgreens.

By Gina Kenny | Updated on August 12, 2008

GLENVIEW, IL-Newport Capital Partners, based here, has acquired Glenbrook Market Place, at the northeast corner of Willow and Pfingsten roads here. The seller was Centrum Properties, based in Chicago. The sales price was $16.2 million. The cap rate was 7.5%, says Joe Girardi, an associate with Oakbrook Terrace, IL-based Mid-America Real Estate Corp.’s investment sales group.

Girardi and Mike George represented Centrum Properties in the sales transaction. The 62,815-sf shopping center is anchored by Walgreens. Glenbrook Market Place is 95% leased, Girardi tells GlobeSt.com. Other tenants at the retail center include BoRics, Merry Richard Jewelers, Cartridge World, Jimmy John’s Gourmet Sandwiches and MB Financial Bank. “You have a strong tenant line up,” Girardi says. The asking lease rate is around the $25 per sf range, net, he says. A separately-owned LaSalle Bank is on an outlot in the shopping center. Newport reportedly received $13.4 million in financing from Fifth Third Bank to acquire the property.

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