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IRC Retail Centers puts Evergreen Park shopping center on the market
The Evergreen Promenade is fully leased, anchored by a 75K sf Mariano’s
IRC Retail Centers is looking for a buyer for a 92,000-square-foot shopping center along 95th Street in suburban Evergreen Park.
The firm has hired Cushman & Wakefield to market the Evergreen Promenade at 2559-2603 West 95th Street, which is anchored by a 75,000-square-foot Mariano’s Fresh Market, according to Bisnow.
The center’s tenants also include a Verizon store and a PetSmart whose lease runs through 2025. The Mariano’s lease runs through 2035.
IRC and IBT Group built Evergreen Promenade in 2014, taking out a $20 million mortgage from PNC Bank.
The center opened in February 2015, and IRC bought out IBT’s stake in the property last year, Bisnow reported.
The center sits less than two miles from a 180,000-square-foot shopping center in neighboring Oak Lawn that Hubbard Street Group and Keeler Real Estate bought for $10 million in March. That center, though, is mostly vacant after the closings last year of a Kmart and a Chuck E. Cheese’s restaurant with a checkered history. [Bison] — John O’Brien