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Commercial
Chicago

KennMar to renovate mostly vacant CityPark shopping center

Lincolnshire property is 33 percent occupied

KennMar's Brent Benge and CityPark in Lincolnshire (Getty, KennMar, Illinois Office of Tourism)
KennMar's Brent Benge and CityPark in Lincolnshire (Getty, KennMar, Illinois Office of Tourism)

An Indiana real estate firm plans to renovate the mostly empty suburban mall that it bought in Lincolnshire.

KennMar president and CEO Brent Benge said the company’s plans include updating the facade of the 79,000-square-foot mall, which is 33 percent occupied, the Chicago Business Journal reported. Benge said the firm also plans to renovate vacant stores. The purchase price wasn’t disclosed.

The property in the northern suburb has leases with tenants including FedEx, Advanced Dermatology, Michal’s Imports, Get It Straight Orthodontics, Liquid Fusion, Roosters, Chipy Cafe, Eyesee Optical, LeBeau Nails and Spa and Skinfo.

Less than 20 miles away, in South Barrington, a venture led by Rick Heidner bought the defaulted $67 million loan on the 480,000-square-foot Arboretum shopping center in June. Heidner’s venture seized the property from Starwood Capital by buying the debt from lender UnionBank.

Shopping centers in Chicago’s southern suburbs have also been changing hands recently.

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Irvine, California’s Sperry Equities bought the 113,000-square-foot The Landings shopping center in Bolingbrook for an undisclosed price. Starwood Capital managed to hold onto a shopping center it owns in Chicago Ridge. A Starwood venture negotiated a loan modification to let it keep the 868,000-square-foot Chicago Ridge Mall, whose $80 million mortgage was set to mature earlier this month.

In Chicago proper, Newport Capital Partners purchased Elston Logan Plaza at 2731 North Elston Avenue, just north of Bucktown and Interstate 90, from Novak Construction for $29 million. The 56,000-square-foot shopping center is anchored by HomeGoods and David’s Bridal.

Benge said construction on the CityPark shopping center is set to begin in August.

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— Victoria Pruitt

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Chicago SuburbsRetail