Streets of Woodfield Sells for $180M
A venture including Blackstone is paying $180M for the 713k SF Streets of Woodfield, across from Woodfield Mall in Schaumburg, Crain’s Chicago Business reports. (Blackstone's global head of real estate and Chicago-area native Jonathan Gray, pictured.) The seller, Cypress Equities, bought the shopping center (with tenants including Carson Pirie Scott, Dick’s, AMC and Whole Foods) three years ago for $118M and has invested some money in repainting and other improvements. The deal, the ‘burbs biggest single property trade since 2012, shows Blackstone’s wise to retail’s outrageously high occupancy rates and favorable fundamentals. At a recent Bisnow event, panelists predicted three to five more favorable retail years ahead with stable short-term interest rates.