The Evergreen Plaza, which was built about five years ago and replaced the previous Plaza, has been sold, according to media reports.
LBX Investments, a commercial real estate investment firm from California, has acquired the property, which has been for sale for about a year and a half, for $67.3 million, the largest single-asset retail-sales transaction in the Chicago area this year, according to reports.
The acquisition entails 255,000 square feet of retail stores at 9500 S. Western Ave.; a former Carson’s at the south end of the property remains for sale, according to officials from CBRE Investment Management, which is marketing the building.
Two real estate companies—Lormax Stern, of Detroit, and DeBartolo Development, of Tampa, Fla.—purchased the Plaza property in 2015, knocking down portions of the original Plaza to build an open-air retail center.
HFF, a real estate transaction firm that is part of Jones Lang LaSalle, of Chicago, was retained to sell the property, according to an HFF listing.
HFF merged with Jones Lang LaSalle about two years ago.
A message seeking comment from Jones Lang LaSalle was not returned by press time.
Anchor stores in the Evergreen Plaza include Whole Foods, TJ Maxx and DSW.
LBX Investments also owns retail space in South Carolina, Georgia and Alabama.
“We look for necessity retail in great locations around the country,” said LBX Managing Partner Philip Block. “Although we have previously focused primarily in the southeast, we have deep roots in the Chicago area and jumped at the opportunity to own this incredible property—our first in the Midwest.
“With the population density in this submarket, strong incomes and very little competing product servicing the community, there’s a real need for this shopping center.”
Evergreen Park Mayor Kelly Burke said she planned to tour the property with LBX officials on Oct. 11. She said the new owners consider the property to be a “good, thriving development.”
The Evergreen Plaza is 94-percent occupied, according to reports.
“We’re still evaluating our plans, but the truth is that the property is in great condition with very little vacancy,” Block said. “We look forward to working with Mayor Burke and the local community to make sure that the property continues to serve the needs of the community with first-class tenants and a great customer experience.”