{"id":1004608370,"date":"2022-10-24T06:14:49","date_gmt":"2022-10-24T14:14:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004608370"},"modified":"2022-12-09T01:36:47","modified_gmt":"2022-12-09T09:36:47","slug":"amcap-grows-chicago-retail-footprint","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/amcap-grows-chicago-retail-footprint\/","title":{"rendered":"AmCap Grows Chicago Retail Footprint"},"content":{"rendered":"
\"\"

Liberty Square. Image via Google Street View<\/p><\/div>\n

AmCap<\/strong>, in a joint venture with Encore Enterprises<\/strong>, has acquired Liberty Square, a 107,431-square-foot, grocery-anchored retail center in the Wauconda suburb of Chicago.<\/p>\n

According to Lake County public records, the buyer paid $18.7 million for the property, financing the purchase with an $11.5 million loan from American United Life Insurance Co.<\/strong>, due to mature in 2028. The seller was Broad Reach Retail Partners<\/strong>, which had acquired the asset\u00a0in 2018 for $14.1 million, CommercialEdge data shows.<\/p>\n

Completed in 1987, Liberty Square comprises seven one-story buildings across roughly 10 acres, according to the same data provider. A Jewel-Osco 54,522-square-foot supermarket anchors the property. Other tenants include the U.S. Postal Service, Charter Fitness, KFC, Subway, Pet Supplies Plus and PNC Bank.<\/p>\n

The shopping center is located at 547 W. Liberty St., at the intersection of U.S. 12 Highway and Illinois 176 Route. Downtown Chicago is some 45 miles southeast.<\/p>\n

Liberty Square is AmCap\u2019s second acquisition in partnership with Encore Enterprises and its fifth Chicago-area property. The firm’s local portfolio also includes the Amazon Fresh-anchored Norridge Commons in\u00a0Norridge, Ill.,<\/span> and the Aldi-anchored Mallard Crossing in\u00a0Elk Grove Village<\/span>, Ill.<\/span>, as well as two other Jewel-Osco-anchored retail centers in Arlington Heights, Ill. and Hoffman Estates, Ill.<\/p>\n

The retail sector thrives in Chicago<\/h2>\n

According to a Lee & Associates retail market report<\/a>, Chicago’s vacancy rate continued to decrease during the second quarter of this year to 5.8 percent, marking a 30-basis-point improvement year-over-year, while 321,976 square feet of space were added to inventory. Another market report from JLL<\/a> revealed approximately 4,432 store openings compared with only 1,954 closings during the same period of time.<\/p>\n

Acknowledging the market\u2019s potential, AmCap President & CIO Jake Bisenius stated in prepared remarks that economic and demographic trends are getting stronger in the Chicago submarkets and supporting retail sales growth. Earlier this year, Continental Realty Corp. has bought a five-property shopping center portfolio in the Chicago metro area<\/a> for $93.6 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Jewel-Osco supermarket anchors the purchased property.<\/p>\n","protected":false},"author":3030,"featured_media":1004608460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21783,13,21742,21749],"tags":[38589,35214],"class_list":["post-1004608370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-investment","category-midwest","category-latest","category-retail","tag-encore-enterprises","tag-jewel-osco"],"acf":[],"yoast_head":"\nAmCap Grows Chicago Retail Footprint - CPE<\/title>\n<meta name=\"description\" content=\"AmCap, in a joint venture with Encore Enterprises, has acquired a 107,431-square-foot retail center in the Wauconda suburb of Chicago.\" \/>\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\/amcap-grows-chicago-retail-footprint\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AmCap Grows Chicago Retail Footprint\" \/>\n<meta property=\"og:description\" content=\"AmCap, in a joint venture with Encore Enterprises, has acquired a 107,431-square-foot retail center in the Wauconda suburb of Chicago.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/amcap-grows-chicago-retail-footprint\/\" \/>\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=\"2022-10-24T14:14:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:36:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Liberty-Square1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/amcap-grows-chicago-retail-footprint\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/amcap-grows-chicago-retail-footprint\/\",\"name\":\"AmCap Grows Chicago Retail Footprint - 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