LINCOLNWOOD, IL-A joint venture of developers Smith Capital Management, based in Lake Forest, Ill., and Middleton Partners, based in Northbrook, Ill., has sold two multitenant shopping centers here for $5.9 million.
The centers are located at southwest corner of Touhy Avenue and McCormick Boulevard. One of the properties, on Touhy Avenue, is a dual-tenant retail building with Verizon Wireless and Five Guys Burgers and the other property is a dual-tenant retail building with Chipotle and Vitamin Shoppe on McCormick Street. All four tenants are on long-term leases.
Both retail centers are outlots to Lincolnwood Town Center, a shopping mall owned and controlled by Simon Property Group. The centers were completed earlier this year.
Chad Firsel with Quantum Real Estate Advisors Inc. was the sole broker in the transaction. The buyer is an unnamed investment group from Chicago. "We had a lot of activity on the deal,” said Firsel in a statement. “It is tough to find a deal of this quality in such a dense location.”