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Hubbard Street Group and Keeler Real Estate partnered to buy a mostly vacant suburban shopping center. The JV acquired Oak Lawn Shopping Center at 95th Street and Pulaski Road from Kimco Realty. The price was not disclosed.
Hubbard Street Managing Partner John McLinden said his firm and Keeler jumped at the chance to buy the 184K SF center — which was only 15% occupied at the time of closing — because it offers several redevelopment opportunities tied to nearby activity. The shopping center is surrounded by high-credit retail tenants, including Target, Portillo's Hot Dogs, Home Depot, Jewel-Osco and Walgreens. Advocate Christ Medical Center, one of the region's largest medical centers, is nearby. McLinden said 95th Street has one of the best demographic mixes south of Chicago.
"Rarely do we get an opportunity to buy a blank slate in a mature market like 95th Street," McLinden said.
The remaining tenants at Oak Lawn Shopping Center include Payless Shoe Source, LongHorn Steakhouse, JPMorgan Chase, Lumber Liquidators and Pep Boys; all have short remaining lease terms. McLinden said the Hubbard Street-Keeler JV will determine a final redevelopment plan in the upcoming months. Options for redevelopment may include retail, restaurants, hospitality, medical office or auto dealerships. Hubbard Street Group is underway on Phase 2 of Wicker Park Connection and partnered with Merit Partners on The Fields Lofts.
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