East Coast developer buys Edens Plaza mall for $110M

Wilmette property is WS Development’s first Illinois project

Chicago /
Apr.April 13, 2022 12:40 PM
WS Development's Jeremy Sclar and the Edens Plaza mall (Bates College, Google Maps)

WS Development’s Jeremy Sclar and the Edens Plaza mall (Bates College, Google Maps)

East Coast mixed-use developer WS Development bought the Edens Plaza mall in Chicago’s North Shore area for more than $100 million.

The 343,000-square-foot shopping center at 3232 Lake Avenue in Wilmette, is WS’s first property in Illinois, the Chicago Business Journal reported. According to CoStar, WS purchased the property for $110 million.

The Chestnut Hill, Massachusetts-based company partnered with Boston-based CrossHarbor Capital Partners to buy the property from Chicago-based Newport Capital Partners.

The plaza already has multiple tenants including healthcare facilities, a grocery store and fast-casual dining, and it will also be the home of the new Wayfair flagship store, which is scheduled to open in mid-2023. The e-commerce company that sells furniture and home-goods is moving into the 152,000-square-foot former home of department store Carson Pirie Scott.

WS plans to make improvements to the shopping center with more evolved merchandising and physical upgrades to the property.

“We’re thrilled to expand our growing footprint to Wilmette, Illinois,” WS founder and CEO Jeremy Sclar said in a statement. “Our team is also looking forward to working closely with the Village of Wilmette to ensure the plaza remains a community-first destination for years to come.”

WS Development’s portfolio includes more than 100 mixed-use properties across the US.

The pandemic hit retail shopping especially hard, with many stores closing and nonexistent foot traffic. Local real estate professionals say retail is coming back in Chicago, unevenly, with some neighborhoods outperforming after losses during the COVID-19 pandemic. Now the tenants that did make it through the pandemic are looking to expand.

[CBJ] — Victoria Pruitt 





    Related Articles

    arrow_forward_ios
    Citadel's Ken Griffin (Citadel, iStock)
    Miami nabs another big name as Citadel’s Griffin shifts HQ
    Miami nabs another big name as Citadel’s Griffin shifts HQ
    Kohan's Mike Kohan with Spring Hill Mall (Kohan, Google Maps, iStock)
    NY’s Kohan Retail owes property taxes on suburban Chicago mall
    NY’s Kohan Retail owes property taxes on suburban Chicago mall
    DMG's Roger Daniel and 40 & 60 West Main Street (DMG Capital, Google Maps)
    DMG Capital snags suburban Chicago multifamily in pandemic flip
    DMG Capital snags suburban Chicago multifamily in pandemic flip
    Reddy Rathnakar Patlola of Ramco Healthcare Holdings with West Suburban Medical Center and the Weiss Memorial Hospital (LinkedIn, Weiss Memorial Hospital, West Suburban MC)
    Two Chicago Area Hospitals Sell For $92M
    Two Chicago Area Hospitals Sell For $92M
    From left: MetLife Investment Management's Steven J. Goulart and CME Group's Terrence A. Duffy along with 550 West Washington Boulevard (MetLife, CME Group, Google Maps)
    CME markets 129,000 sf West Loop sublease while shifting workers to Wacker
    CME markets 129,000 sf West Loop sublease while shifting workers to Wacker
    600 West Chicago Avenue with Sterling Bay CEO Andy Gloor (Sterling Bay)
    Chicago tenants downsize at Sterling Bay’s River West building
    Chicago tenants downsize at Sterling Bay’s River West building
    A photo illustration portraying the surging retail rate in Chicago (iStock)
    Chicago’s retail recovery makes strides amid highest investment sales volume in decades
    Chicago’s retail recovery makes strides amid highest investment sales volume in decades
    EDC's Gerald Greenberg and Scott Greenberg with 201 North State Street (ECD Company)
    Hotel in Chicago’s Loop scores $80M loan just before maturity of previous watchlisted debt
    Hotel in Chicago’s Loop scores $80M loan just before maturity of previous watchlisted debt
    arrow_forward_ios

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

    Loading...