Retail Properties Of America Acquires Illinois' Oldest Shopping Center
The oldest shopping center in Illinois has new ownership for the first time in nearly a half century. Retail Properties of America acquired Plaza del Lago in Wilmette from the Moss family for $48M.
The Moss family put the 100K SF asset on the market in July, shortly after family patriarch and condo conversion specialist Joseph Moss died. Plaza del Lago opened in 1928 as a retail and entertainment complex called Spanish Court, the second shopping center in the U.S. designed for automobile use. In the early 1960s, lawyers Plato Foufas and Joseph Stefan bought the property and redeveloped it. Today, Plaza del Lago is home to anchor tenants Jewel-Osco, CVS, Starbucks and Northshore University HealthSystem, as well as a host of local restaurants, boutiques and service providers.
Plaza del Lago is a strong performing asset in a bifurcated retail marketplace, thanks to its location and population density. There is a lack of competition around Plaza del Lago and the average household income within a two-mile radius of the center is $213K.
Mid-America Real Estate's Ben Wineman, Stan Nitzburg and Chris Martin represented the Moss family.