Edens PlazaCHICAGO–Newport Capital Partners recently paid $72 million for Edens Plaza in an off-market transaction. The 183,000-square-foot retail center was purchased on behalf of Newport Capital Partners Fund II.
The 92% leased property attracted Newport's attention because “retail has always been an evolving property type and this center has just continued to keep up with the evolution,” a spokesperson for Newport told GlobeSt.com.
Built in 1956 and then redeveloped in 1994, Edens Plaza houses retailers such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A portion of the center is currently undergoing a 35,000-square-foot redevelopment to turn a former Carson's Furniture Gallery into a pediatric care center, jointly run by NorthShore University HealthSystem and Advocate Health Care.
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