Barings Pays $55M for Metro Chicago Shopping Center
The asset changed hands for twice its previous sale price.
Image courtesy of JLL Capital Markets
Barings has purchased Market Meadows, a 149,185-square-foot retail center in Naperville, Ill. Shorewood Development Group sold the asset for $54.5 million, or $365.31 per square foot, according to Yardi Matrix information.
Principal Asset Management issued a seven-year, fixed-rate acquisition loan in the amount of $27.3 million, in a transaction brokered by JLL Capital Markets. A Mid-America Real Estate Corp. team served as exclusive listing brokers on behalf of the seller.
The grocery-anchored Market Meadows had been under Shorewood’s ownership since 2021, when the company bought it from Duxler Libertyville Tire for $25.5 million, or $170.93 per square foot, the same data provider shows.
A closer look at Market Meadows
Originally completed in 1981 and redeveloped in 2020, the shopping center takes up more than 18 acres at 1201-1315 S. Naper Blvd. Its anchor tenant, Jewel-Osco, occupies 45 percent of the net rentable area. The property’s roster also features U.S. Bank, BMO Bank, T-Mobile, Chipotle, Jersey Mike’s Subs and McDonald’s. Market Meadows was 98.3 percent leased at the time of sale.
Located at the intersection of 75th Street and Naper Boulevard, the shopping center is less than 3 miles from the city center and 32 miles west of downtown Chicago. The property receives 1.5 million annual visits and serves a population of nearly 89,000 within a 3-mile radius, with an average household income of roughly $155,600, according to its marketing brochure.
Mid-America Principal Rick Drogosz and Associate Eric Geskermann were the property’s exclusive listing brokers. JLL Capital Markets Senior Managing Directors Chris Drew and Travis Anderson, Managing Director Chris Knight, alongside Director Wells Waller and Analyst Merrick Evans, led the Debt Advisory team that worked on behalf of Barings in securing the acquisition financing.
In the first 10 months of 2025, Chicago’s retail market registered $1.07 billion in investment sales, Yardi Matrix data shows. A total of 86 assets traded at an average price of $156.03 per square foot, reflecting broader commercial property trends. During the same period in 2024, the metro saw almost $1.2 billion in transactions, with 91 properties changing hands for $147.65 per square foot on average.
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