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Naperville retail and office complex sells for $88 million

Naperville retail and office complex sells for $88 million

Retail Properties of America has paid $88 million for a Naperville retail and office complex in downtown Naperville, where it plans to build on.

The Oak Brook-based real estate investment trust today announced the deal for the 182,000-square-foot Main Street Promenade.

The west suburban center, on the east side of Main Street, is 93 percent leased and is zoned for another phase of construction, RPAI said.

“The acquisition of Main Street Promenade includes a vacant parcel that has approval for up to 62,000 square feet of mixed-use space, which will provide us the opportunity to leverage our robust, local operating platform and knowledge to densify the property,” RPAI senior vice president Matthew Beverly said in the statement announcing the acquisition.

Retail tenants include Anthropologie, J Crew, Ann Taylor and Hugo’s Frog Bar & Fish House.

Main Street Promenade was developed by Dwight and Ruth Yackley, owners of Naperville-based development firm BBM. They developed the property in 2003 and a second phase in 2013.

BBM was represented in the sale by Bob Mahoney and Nick Peters of CBRE. The sale was completed on Jan. 13, the Yackleys said.

“We’re semi-retiring, so we decided it would be a good time to sell,” Ruth Yackley said. “We’re ready to travel and work a little less.”

They declined to say how much it cost to develop the first two phases of the Promenade.

The property includes about 103,000 square feet of retail and 79,000 square feet of office space.

Source: Crain’s Chicago Business Ryan Ori January 17th, 2017

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