Retail junkie Core Acquisitions picks up sprawling shopping center for $21M — Portillo’s included

Acquisition financed with $17.3M loan from Heartland Bank & Trust

Sep.September 20, 2019 09:00 AM
Brixmor Property Group CEO & President James M. Taylor Jr. and Core Acquisitions Managing Principal Adam Firsel (Credit: iStock)

Brixmor Property Group CEO & President James M. Taylor Jr. and Core Acquisitions Managing Principal Adam Firsel (Credit: iStock)

Value-add investment firm Core Acquisitions picked up a huge swath of downmarket retail space in the Chicago suburbs for nearly $21 million.

The Chicago-based company bought 11 contiguous properties along Barrington Road in Hanover Park and Streamwood, property records show.

The properties feature a mix of vacant tracts and fast-food retailers such as Portillo’s, Taco Bell, Chuck E Cheese’s, Checkers, KFC. There’s also a dental practice and fitness club occupying two of the plots. The strip mall is called Westview Center, and spans over 320,000 square feet.

The deal, financed with a $17.3 million loan from Heartland Bank & Trust, was finalized late last month, records show.

The seller is New York-based real estate investment trust Brixmor Property Group.

Core Acquisitions, headed by Adam Firsel and Brad Joseph, owns and operates nearly two-dozen other strip malls and retail centers throughout the state. In all, it controls well over 1 million square feet of retail-focused space in Illinois, according to its website.

Calls to both Core Ventures and Brixmor for additional details were not returned.

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