Kimco Realty Sells Chicago-Area Retail Asset

Wind Point Shopping Center. Image courtesy of JLL Capital Markets

PMAT Cos. has made the second acquisition in Chicago’s Randall Road corridor with the purchase of Wind Point Shopping Center, a 274,282-square-foot, grocery-anchored retail asset in Batavia, Ill. JLL brokered the $20.5 million transaction on behalf of the seller, Kimco Realty Corp.

Completed in 1999, Wind Point is anchored by Aldi and Hobby Lobby. Other tenants at the property include Kohl’s, Office Max, Petland, Chili’s, Mattress Firm, AT&T and Swordfish Sushi, having a weighted average tenure of 22 years. The retail asset was 72.5 percent leased at the time of sale.

The purchase offers the new owner value-add prospects such as leasing the vacant space and developing additional parcels fronting Randall Road at the same crossroads as Chick-fil-A and the recently opened Raising Cane’s, Starbucks and Chipotle.

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Situated on approximately 32 acres at 201 N. Randall Road, the open-air shopping center is in an area where daily car traffic reaches 40,000 vehicles. Wind Point Shopping Center serves a population of 75,847 residents within a 5-mile radius. The retail center is also within 3 miles of 500,000 square feet of Class A retail.

JLL Capital Markets Managing Directors Amy Sands and Clinton Mitchell, together with Director Michael Nieder, led the advisory team representing PMAT. In a prepared statement, Sands said that, in today’s retail market, the broadest variety of capital continues to be drawn to shopping centers incorporating a grocery component and offering value-add opportunities.