Shopping center spree: Hutensky Group buys 2 suburban malls

Property totals up to 215K sf anchored by Ross, Petco and HomeGoods

Chicago /
Sep.September 22, 2021 09:30 AM
Hutensky Group CEO Brad Hutensky with Hillside Town Center and Prairie Market East (Hutensky, Google Maps)

Hutensky Group CEO Brad Hutensky with Hillside Town Center and Prairie Market East (Hutensky, Google Maps)

An affiliate of Hutensky Capital Partners, a real estate fund management company from Connecticut, bought two shopping centers in Chicago’s western suburbs for $31.6 million after the pandemic crushed the mall industry.

Hutensky Group signed a deed Aug. 23 for the 160,330-square-foot Hillside Town Center, at 50-190 South Mannheim Road in Hillside for $23.5 million, using a $14.8 million mortgage from Jackson National Life Insurance, Cook County Property records show. Hutensky also bought the 54,948- square-foot Prairie Market East in Oswego for a bit more than $8 million.

West Palm Beach, Florida-based Sterling Organization sold both parcels.

The purchases came after struggling malls and hotels skipped almost $500 million of local property taxes last fall. This year, Lincolnwood Town Center’s owner defaulted on a $47 million mortgage. Starwood Retail Partners handed over the keys to its lender on the almost 1-million-square-foot Louis Joliet Mall in 2020.

About 95 percent of Hutensky’s two new malls are leased. Anchor tenants include GameStop, Panda Express, Petco Animal Supplies Stores at the Hillside Town Center and Petsmart and Aldi at Prairie Market East.

“Both properties were very well managed but there was also room for improvement by leasing out some of the vacant spaces and looking at the tenant mix,” said Hutensky Group President Brad Hutensky. “We have two other properties we own in Chicago so it was natural for us to add more properties in that location.”

Hutensky owns an outdoor mall in Wheaton, about 25 miles west from Chicago, and a retail and apartment development in Arlington Heights, northwest of the city.

Sterling acquired Hillside from Beachwood, Ohio-based DDR in 2018 for $20 million and also bought the 101,000-square foot Prairie Market center that same year for an undisclosed price.





    Related Articles

    arrow_forward_ios
    Chicago’s Q4 office leasing records 2.7M sf of new deals, highest since the pandemic
    Chicago’s Q4 office leasing records 2.7M sf of new deals, highest since the pandemic
    Chicago’s Q4 office leasing records 2.7M sf of new deals, highest since the pandemic
    Oak Hill Advisors buys stake in Chicago office tower, valuing it at more than $1B
    Oak Hill Advisors buys stake in Chicago office tower, valuing it at more than $1B
    Oak Hill Advisors buys stake in Chicago office tower, valuing it at more than $1B
    Boston Consulting may anchor new Sterling Bay office building in Fulton Market
    Boston Consulting may anchor new Sterling Bay office building in Fulton Market
    Boston Consulting may anchor new Sterling Bay office building in Fulton Market
    John Deere's Andrez Carberry and 800 West Fulton Market (LinkedIn via Carberry, 800 Fulton Market)
    John Deere plans to hire up to 300 tech workers for its new Chicago office
    John Deere plans to hire up to 300 tech workers for its new Chicago office
    525-613 Roosevelt Road in Glen Ellyn
    Suburban Chicago shopping center sold in potential sign of retail rebound
    Suburban Chicago shopping center sold in potential sign of retail rebound
    Chicago’s Old Post Office nabs health care firm as new tenant
    Chicago’s Old Post Office nabs health care firm as new tenant
    Chicago’s Old Post Office nabs health care firm as new tenant
    800 West Fulton Market and John Deere CEO John May (800 West Fulton Market, John Deere)
    John Deere set to bring jobs to Chicago with Fulton Market lease
    John Deere set to bring jobs to Chicago with Fulton Market lease
    Hines drops almost $100M for North Side Chicago business complex
    Hines drops almost $100M for North Side Chicago business complex
    Hines drops almost $100M for North Side Chicago business complex
    arrow_forward_ios

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

    Loading...