Newport completes Edens Plaza takeover with purchase of former Carson’s store

The Chicago-based investor paid a total of $86M in recent months to acquire the Wilmette shopping center

TRD CHICAGO /
Mar.March 15, 2019 12:00 PM

Newport Capital Partners managing principal Derrick McGavic and Carson’s at Edens Plaza (Credit: Google Maps)

Newport Capital Partners acquired a former Carson’s department store at the Edens Plaza shopping center, rounding out the company’s purchase of the entire 343,000-square-foot Wilmette mall.

The Chicago-based firm paid $14 million to buy the 161,000-square-foot store and surrounding parking lots, according to Cook County property records. The seller was an entity controlled by Mark P. Naughton of the Tiger Capital Group, who was facilitating a bankruptcy sale.

The department store chain has been liquidating its stores since its parent company filed for bankruptcy last year, joining troubled retail behemoths like Sears and Toys “R” Us and posing challenges for retail landlords nationwide. Carson’s closed more than a dozen stores across the Chicago area, but reopened one in south suburban Evergreen Park late last year.

Newport bought the Carson’s building about two months after it paid about $72 million to acquire the rest of Edens Plaza, where it plans to build medical offices.

Both purchases were financed with loans from LoanCore Capital, records show. The firm extended a $50.5 million loan for the January acquisition, and a $63.3 million loan on the Carson’s space this month.

Newport Principal Ben Andrews told Crain’s this week his company plans to lease out the department store space to a cluster of small retailers.

The shopping center is about 92 percent leased, according to Crain’s.


Related Articles

arrow_forward_ios
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
The former Target in Calumet City will be converted into a working farm (Google Maps)

For latest retail redevelopment, old Target will become new farm

For latest retail redevelopment, old Target will become new farm
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...