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IRC Retail Centers hired Cushman & Wakefield to court buyers for Evergreen Promenade, a 92K SF shopping center in south suburban Evergreen Park anchored by a Mariano's Fresh Market. The 75K SF store and a PetSmart account for 96% of the center's tenancy, according to a C&W marketing brochure.
Grocery-anchored retail remains in demand with investors in the bifurcated retail sector, especially upscale grocers like Mariano's. Abbell Associates CEO Liz Holland said shoppers still want the experience of choosing their own groceries and supermarket-anchored retail is a good traffic generator for adjacent, internet-resistant retailers. Evergreen Promenade's other tenants include a Verizon store and a nail salon.
Evergreen Promenade's location is a major selling point for prospective buyers. Located at 2559-2603 West 95th St., the center has easy access to 78,000 cars daily at the intersection of 95th Street and Western Avenue. Evergreen Promenade can serve 225,000 residents within a 3-mile radius, and 626,000 within 6 miles. Mariano's lease on the property runs through January 2035. PetSmart's lease expires in January 2025.
IRC and IBT Group built Evergreen Promenade in 2014. The center opened in February 2015, and IRC bought out IBT's stake in the property last year.
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