Greenstone Partners successfully brokered the sale of the leasehold interest in Schwind Crossings, a 45,000 square foot, Target shadow anchored shopping center, located in Wheeling, Illinois, a northwest suburb of Chicago. Built in 2007, the property is comprised of two buildings, a 39,000 square foot retail center and a 6,000 square foot free-standing outlot building.
The property hosts a strong mix of national and regional tenants encumbered by long-term leases and possesses a weighted average remaining lease term of just under 9 years. The property is anchored by Binny’s Beverage Depot, the leading wine, spirits, and beer retailer in the Midwest. Other notable tenants include Chipotle, Potbelly’s, T-Mobile, ATI Physical Therapy, and Hatch Dispensary.
Greenstone overcame multiple challenges during its exclusive listing process while under contract including the financing of the cannabis outlot and a short-term ground lease with limited long-term rights to the site. During the marketing process, the investment garnered 286 unique offering memorandum registrants, and more than half-a-dozen written offers. Greenstone exclusively represented the seller in the disposition who will continue to manage the property for new ownership. The property was acquired by a California based buyer through a 1031-exchange.