Fidelis Buys Kildeer Village Square from Northmarq

A venture of Minneapolis-based Northmarq and Chicago-based developer Bond Companies sold the Kildeer Village Square shopping center for $51 million last week amid a turbulent period in the region’s retail property market.

Houston-based Fidelis Realty Partners bought the 198,900-square-foot square foot property at 20393 North Rand Road in north suburban Kildeer from Northmarq and Bond in a deal that came out to $256 per square foot, according to public records.

Bond, led by founder and CEO Rob Bond, developed both the Kildeer Village Square Shopping Center and the nearby Kildeer Marketplace. The developer was a minority owner of the Village Square shopping center at time of Fidelis’ purchase, he said. It’s unclear when Northmarq became the majority owner of the shopping center.

The Marketplace property, anchored by a Whole Foods Market, was completed in 2012 and the Village Square shopping center, which includes a Nordstrom Rack and a Sierra Trading Post among other tenants, was completed in 2017, according to prior reports.

Bond put both properties on the market in 2019 and said at the time he was open to selling them together, separately or holding onto them.

The Marketplace shopping center hasn’t sold.

The developer took out a $47.9 million mortgage from Citibank against the Village Square shopping center in 2019, though the total amount the company spent on developing the property is unclear.

The buyer, Fidelis, also bought another nearby shopping center, The Shops at Kildeer, for $31 million in the fall of 2025, records show. The seller was a joint venture of New York-based DRA Advisors and Northbrook-based retail investor Pine Tree which had paid $32.8 million for the shopping center in 2018.

The transactions come at a time when retail investors are struggling to determine the appropriate value for shopping centers in Chicago and the surrounding area.

The rise of online shopping has played a role in decreased vacancy at such shopping centers and led to the redevelopment of several Chicago area malls.

Blackstone’s affiliate, Perform Properties, sold The Streets at Woodfield in Schaumburg for $69 million to Hartford, Connecticut-based Hutensky Capital Partners last week, after buying it for $168.5 million in early 2015. The sale came out to a whopping 59 percent discount or about $100 per square foot. The plaza had struggled since anchor tenant Carson Pirie Scott went out of business and its space was filled by Restoration Hardware Outlet at a lower rent.

But the region’s strong multifamily market is also boosting retail demand and resulting in decent returns for some sellers.

In late 2025, Charlotte-based Barings bought a 149,200-square-foot Jewel Osco-anchored shopping center in Naperville for $54 million from Buffalo Grove-based Shorewood Development. Shorewood had bought that shopping center, at 1201-1316 South Naper Boulevard, in 2021 for $25.5 million and renovated it, though it’s unclear how much Shorewood invested in the renovations.
Earlier in 2025, Chicago-area investors Edward Hassan and Adam Firsel sold their Burr Ridge Village Center retail property for $55 million last year, likely a significant return on their 2019 investment of $15 million in the previously distressed suburban Chicago retail property. Their exact return on investment couldn’t be determined, however, as they spent on improving the property, including at least $7 million with a leasing campaign to refill the property.