JLL Capital Markets has arranged the sale of Westlake Plaza, a 42,018-square-foot “internet-resistant” shopping center in Wilmette, Ill. JLL’s Managing Directors Amy Sands and Clinton Mitchell worked on behalf of the seller, Newport Capital Partners. The buyer was a private real estate fund advised by Crow Holdings Capital.
Westlake Plaza occupies 2.5 acres at 3207 Lake Ave., just off Skokie Boulevard and Interstate 94, around 2 miles from downtown Wilmette. The area is densely populated with more than 110,000 people (with an average annual income of roughly $182,000) living within a three-mile radius.
The center is one of only three neighborhood centers within the market and is 83 percent leased to a mix of internet-resistant tenants, including Supercuts, Subway, Dunkin’ Donuts, Westlake Chiropractic Healthcare Center, Finest Fit Cleaners, Ivy Cleaners, Mei Lin House and Professional Eye Care.
JLL’s latest retail report reveals that the sector remains resilient. There are clear winners, such as the fitness and entertainment categories, which will keep the business afloat. Nonetheless, the report also noted that 68.7 percent of retailers will end up in a physical store.
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