CRE Midwest

Centrum Partners LLC sells Wicker Park Commons in Chicago

Wicker-Park-Commons-Steinkamp

Centrum Partners LLC (Centrum) has sold the retail portion of Wicker Park Commons in Chicago to an institutional advisor on behalf of a commingled fund.

Centrum Partners LLC (Centrum) has sold the retail portion of Wicker Park Commons in Chicago to an institutional advisor on behalf of a commingled fund.  The sale of the property was completed after a marketing campaign that solicited buyers on a local, regional and national basis. The sale price and buyer were not disclosed.

Centrum, and its joint venture partner Angelo, Gordon & Co., acquired Wicker Park Commons (formerly known as West Town Center) in December 2011 for approximately $33.0 million.  The project is the latest in a long-term partnership that has produced assets with an aggregate value well over $1.0 billion.

Anchored by a historic Wiebolts, the 315,000-square-foot, multi-building office/retail site also includes a 2.0-acre development parcel that stretches from Milwaukee Ave. to Division St.

In 2012, ownership launched Phase One of its project, a $15 million retail redevelopment and remerchandising campaign that included restoration of the historic department store building and transformation of the retail offering.

The firm negotiated lease agreements for tenants occupying almost 180,000 square feet in a repositioning that attracted new tenants such as Lowe’s, Ulta, Potbelly, Pet Supplies Plus and Vitamin Shoppe, to the community.

Centrum will now focus on the redevelopment of the 140,000-square-foot office space and the development site. It will explore a rooftop amenity space that will deliver panoramic views of the city from the South Loop to Lincoln Park.

Centrum will meet with community groups and local stakeholders later this summer to discuss the development parcel.

Stephen Livaditis, David Knapp, Ken Glomb, Mike Pagliari and Ted Fahey of Eastdil Secured represented Centrum in the disposition.