{"id":1004172203,"date":"2017-04-10T03:13:35","date_gmt":"2017-04-10T11:13:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004172203"},"modified":"2022-12-08T22:57:42","modified_gmt":"2022-12-09T06:57:42","slug":"chicago-grocery-anchored-shopping-center-commands-107m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-grocery-anchored-shopping-center-commands-107m\/","title":{"rendered":"Chicago Grocery-Anchored Shopping Center Commands $107M"},"content":{"rendered":"

By Keith Loria<\/em><\/p>\n

\"Riverpoint<\/a>

Riverpoint Center<\/p><\/div>\n

Federal Realty Investment Trust\u00a0has acquired Riverpoint Center, a 211,000-square-foot grocery-anchored shopping center in\u00a0Chicago for $107 million\u00a0cash from an affiliate of Centrum Partners.<\/p>\n

Located at 1800 W. Fullerton Ave. in Chicago’s Lincoln Park\u00a0neighborhood, Riverpoint Center is situated 3.5 miles northwest of downtown\u00a0Chicago.<\/p>\n

\u201cThe opportunity to own Riverpoint Center was appealing on many levels.\u00a0It sits on 17 acres in Lincoln Park within the City of Chicago and has surface parking that services the grocery anchored center,\u201d<\/em> Dan Guglielmone,\u00a0Federal Realty Investment Trust\u2019s executive vice president, chief financial officer & treasurer, told Commercial Property Executive. \u201cWith below-market rents in place now, we have the ability to grow value over time and add additional density surrounded by outstanding demographics.\u201d<\/em><\/p>\n

Riverpoint Center is currently 97 percent occupied and is anchored by Jewel-Osco, Marshalls and Old Navy. The property boasts demographics that enhance Federal Realty’s already sector-leading position, with 545,759 people and average household incomes of\u00a0$104,696\u00a0within a 3-mile radius.<\/p>\n

\u201cThe property is situated\u00a0on one of the largest major retail corridors in Chicago, in Lincoln Park at the intersection of West Fullerton and North Clybourn, with strong demographics and high barriers to entry,\u201d<\/em>\u00a0 said Guglielmone.<\/p>\n

According to Guglielmone, an opportunity like this does not come often.<\/p>\n

\u201cThe acquisition of Riverpoint Center fits very well within Federal Realty\u2019s long standing acquisition strategy to acquire\u00a0a large piece of land in a dense urban neighborhood with superior demographics (550,000 population and $105,000 average household incomes in a 3-mile radius) and high barriers to entry,\u201d<\/em> Guglielmone added.\u00a0\u201cThrough our decentralized structure, we were able to identify the opportunity, approach ownership and acquire Riverpoint at an attractive value off-market.\u201d<\/p>\n

Federal Realty expects to increase the value of the property over the ensuing years.<\/p>\n

\u201cOver time we will look to take advantage of the under-market rents that are in place at Riverpoint, marking them to market, remerchandising when it makes sense. We will look to add additional density to the center over time and to add many of the place-making design features for which Federal Realty is known,\u201d <\/em>concluded \u00a0Guglielmone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Federal Realty Investment Trust likes the market area\u2019s strong demographics and the property\u2019s location in Lincoln Park neighborhood.<\/p>\n","protected":false},"author":451,"featured_media":1004172205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,13,21742,21749],"tags":[33957],"class_list":["post-1004172203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-midwest","category-latest","category-retail","tag-federal-realty-investment-trust"],"acf":[],"yoast_head":"\nChicago Grocery-Anchored Shopping Center Commands $107M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-grocery-anchored-shopping-center-commands-107m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Grocery-Anchored Shopping Center Commands $107M\" \/>\n<meta property=\"og:description\" content=\"Federal Realty Investment Trust likes the market area\u2019s strong demographics and the property\u2019s location in Lincoln Park neighborhood.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-grocery-anchored-shopping-center-commands-107m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-10T11:13:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:57:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/strabucks2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"632\" \/>\n\t<meta property=\"og:image:height\" content=\"474\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-grocery-anchored-shopping-center-commands-107m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-grocery-anchored-shopping-center-commands-107m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Chicago Grocery-Anchored Shopping Center Commands $107M\",\"datePublished\":\"2017-04-10T11:13:35+00:00\",\"dateModified\":\"2022-12-09T06:57:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-grocery-anchored-shopping-center-commands-107m\\\/\"},\"wordCount\":360,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-grocery-anchored-shopping-center-commands-107m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/04\\\/strabucks2.jpg\",\"keywords\":[\"Federal Realty Investment Trust\"],\"articleSection\":[\"Chicago\",\"Deals\",\"Featured\",\"Investment\",\"Midwest\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-grocery-anchored-shopping-center-commands-107m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-grocery-anchored-shopping-center-commands-107m\\\/\",\"name\":\"Chicago Grocery-Anchored Shopping Center Commands $107M - 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