Retail N Illinois

JLL closes sale of Westlake Plaza retail center in Wilmette

JLL closes sale of Westlake Plaza retail center in Wilmette,ph1

JLL closed the sale of Westlake Plaza, a 42,018-square-foot, neighborhood shopping center in Chicago’s affluent Northshore community of Wilmette, Illinois. JLL represented the seller, Chicago-based Newport Capital Partners. A private real estate fund advised by Crow Holdings Capital purchased the asset. Terms of the transaction were not disclosed.

Westlake Plaza is one of only three neighborhood centers within the market, and no new retail space east of Interstate 94 has been delivered to the market over the last 40 years. The center is 83 percent leased to a variety of internet-resistant tenants, including Supercuts, Subway, Dunkin’ Donuts, Westlake Chiropractic HealthCare Center, Finest Fit Cleaners, Ivy Cleaners, Mei Lin House and Professional Eye Care. Situated on 2.5 acres at 3207 Lake Avenue, Westlake Plaza is on Chicago’s North Shore and surrounded by some of the most prestigious and affluent suburbs in the country.

The JLL capital markets team that represented the seller was led by managing directors Amy Sands and Clinton Mitchell. The deal secured by HFF prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP.