Sperry Equities Acquires Chicago-Area Retail Asset for $26M

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Sperry Equities has acquired a Chicago-area shopping center anchored by Kohl’s for $26.2 million, Commercial Observer has learned.

The Irvine, Calif.-based firm purchased Willow Creek Center in Glenview, Ill., from Heitman, a Chicago-based real estate investment firm. 

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Mid-America Real Estate Corporation Principal Rick Drogosz, Principal Ben Wineman and Associate Vice President Emily Gadomski were exclusive brokers on the transaction.

Huntington National Bank provided a $16 million loan to finance the acquisition. Drew Burlak, senior vice president at Huntington, originated the transaction and Mary Carlston, director of finance at Sperry Equities was the in-house intermediary on the deal.

Located at 2145-2351 Willow Road around 15 miles northwest of Chicago, the 181,024 square-foot shopping center is 87 percent leased. The property’s other anchor tenants include ALDI, Michael’s and Planet Fitness and it counts restaurant chains Chipotle, Jersey Mike’s, McAlister Deli and Panda Express among its tenants.

Officials for Sperry and Mid-American did not immediately respond to requests for comment on the acquisition. Huntington declined to comment. 

Sperry Equities was formed in 1998 as part of Sperry Commercial Affiliates. The company launched a new capital markets business in Manhattan called Sperry RE Capital last December.

Andrew Coen can be reached at acoean@commercialobserver.com.