Greenstone Partners announced the $19.5 million sale of a 54,000-square-foot institutional-quality retail center located at 1415–1417 N. Kingsbury Street in Chicago’s highly sought-after Clybourn Corridor.
A venture between Chicago-based Honore Properties and Peerless Development acquired the fully leased asset. Greenstone Partners CEO and Managing Partner Danny Spitz and Director AJ Patel exclusively represented the seller, Los Angeles-based Westwood Financial, in the transaction.
The sale marks the fourth acquisition in the immediate corridor for the Honore and Peerless venture, further solidifying their growing presence in one of Chicago’s most dynamic urban retail submarkets. Greenstone Partners’ Danny Spitz previously represented the venture in the acquisition of the adjacent property at 821 W. Eastman Street, demonstrating continued strategic expansion within the corridor.
Originally acquired by Westwood Financial in 2017 via a loan assumption structure, the property underwent a significant repositioning following the departure of Buy Buy Baby. In 2023, ownership executed a successful lease-up strategy by securing Sky Zone, the Utah-based entertainment operator, on a new 10-year lease for 35,386 square feet. The center is also occupied by PetSmart, which operates a 18,524-square-foot store and has been at the center since 2012. The stabilization of the asset created a durable, long-term cash flowing investment positioned in a high barrier-to-entry location.
“This transaction underscores the continued demand for well-located, stabilized urban retail with long-term development optionality,” said Danny Spitz, CEO and Managing Partner of Greenstone Partners. “The Clybourn Corridor remains one of Chicago’s premier retail destinations, and we are proud to have represented ownership in executing a strategic sale of this quality.”