The market exit of one of Chicago’s grocery mainstays hasn’t slowed grocery-anchored deal activity, evidenced by one shopping center REIT’s recent suburban buy. (Most people aren't picky about where they buy their baby bok choy.)
Cincinnati, Ohio-based Phillips Edison-ARC just paid $27M for The Shops of Uptown in Park Ridge, a 70k SF Trader Joe’s-anchored center at the NW corner of Northwest Highway and Touhy Avenue. Grocery’s been in flux, playing musical chairs in Dominick's wake, with the major winners picking up its empty boxes including Jewel, Mariano’s, and Whole Foods. But Phillips Edison-ARC CEO Jeff Edison (second from right) tells us the REIT sees long-term stability in the market and is actively targeting local grocery-anchored deals (as well as in other Midwest markets like the Twin Cities and Milwaukee).
Other perks with the Park Ridge buy (above): solid fundamentals, an infill location at a transportation hub, and a strong mix of national tenants, Jeff says. They include Jos. A. Bank, Chico’s, LensCrafters Optique, Houlihan’s, Jason’s Deli, and Noodles & Company. (If you spill some soup on your suit, you can buy a new one right away, then buy some glasses so you don't do it again.) Mid-America Real Estate Corp’s Joe Girardi and Mike George repped the seller, a JV of Dallas-based Benchmark Opportunity Partners (formerly P.O’B Montgomery) and Boston-based Long Wharf Real Estate Partners.
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