Value-add investment firm Core Acquisitions picked up a huge swath of downmarket retail space in the Chicago suburbs for nearly $21 million.
The Chicago-based company bought 11 contiguous properties along Barrington Road in Hanover Park and Streamwood, property records show.
The properties feature a mix of vacant tracts and fast-food retailers such as Portillo’s, Taco Bell, Chuck E Cheese’s, Checkers, KFC. There’s also a dental practice and fitness club occupying two of the plots. The strip mall is called Westview Center, and spans over 320,000 square feet.
The deal, financed with a $17.3 million loan from Heartland Bank & Trust, was finalized late last month, records show.
The seller is New York-based real estate investment trust Brixmor Property Group.
Core Acquisitions, headed by Adam Firsel and Brad Joseph, owns and operates nearly two-dozen other strip malls and retail centers throughout the state. In all, it controls well over 1 million square feet of retail-focused space in Illinois, according to its website.
Calls to both Core Ventures and Brixmor for additional details were not returned.