Joint Venture to energize Burr Ridge Village Center following purchase
Orland Park, IL/Feb. 4, 2019 – Edwards Realty Company, which owns several popular outdoor lifestyle and mixed-use centers, and Core Acquisitions, which has a successful track record of acquiring and repositioning commercial real estate assets in the retail, office, industrial and multi-family property sectors, have entered into in a joint venture to revitalize the Burr Ridge Village Center.
Burr Ridge Village Center, located at 701 Burr Ridge Parkway, features 200,000 rentable square feet of Class A retail shop space, originally constructed in 2007.
The newly acquired retail center features more than 30 national and local retail tenants and is optimally positioned near one of the most successful Life Time Fitness Centers in the country along with a robust condominium cluster with easy access to the nearby Stevenson Expressway (I-55), the Tri-State (I-294), and near County Line Road.
Edwards Realty Company President Ramzi Hassan said the Burr Ridge Village Center features “Best in Class Architecture and Design,” which also includes a Fire Place Pavilion with outdoor furniture, a water fountain, a Village Green with a performing arts stage, high end residential and office condominiums, and some of the best dining options in Chicagoland.
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“We are very excited about this property and are proud to add it to our award-winning lifestyle and shopping center portfolio,” Hassan said.
“The Burr Ridge Village Center has been in need of new leadership and working with Core Acquisitions, we intend to make it a true village center with a downtown atmosphere that encompasses more entertainment, more food and more retail. Our plans will take it from a typical shopping center to one that embraces consumer appeal.”
Hassan said that the goal is to create something for everyone.
“It will be a premiere destination not only for shopping, office and medical use, but as an entertainment hub offering an exciting experience for consumers. Our plans take it beyond brick and mortar, and the four walls of a store. There is a disconnect between what is there now and what we believe the residents in that region want,” Hassan said.
Hassan said the center has a strong retail base including national retailers like Kohler Waters Spa from Kohler, Wisconsin which operates their only Chicagoland location and one of only four around the world at the Property. Local retailers at the center include The Hampton Social, Topaz Café, Kelly Cawley, Two Bostons, Stix and Stones, and Wok N Fire, and are joined by national retailers including Victoria’s Secret, Bath & Body Works, Chico’s, White House, Black Market, Cooper’s Hawk Winery & Restaurant, Evereve, Francesca’s, J. Jill, Lenscrafters, and Starbucks.
The joint venture of Edwards Realty Company and Core Acquisitions purchased the Burr Ridge Village Center on January 24, 2019 for $15 million, $70 Million below the center’s original construction cost.
“We see this not only as an exceptional investment but as a great opportunity to apply our creative asset management strategies to make it vibrant, lively and appealing to the Burr Ridge region’s community while adding a downtown flavor,” said Adam Firsel, Managing Principal of Core Acquisitions.
Burr Ridge Village Center also offers a 1,200-car parking deck, as well as a future development parcel. The Burr Ridge Village Center purchase fits in line with both Core and Edwards investment strategy of acquiring management intensive distressed assets in best in class locations with tremendous upside that can be held long term.
Edwards Realty Company owns a portfolio of premiere, fully developed Lifestyle Retail Centers and popular retail centers including:
– Orland Park Crossing, 14225 S. 95th Avenue, Orland Park, Illinois 110,000 GLA
– The Boulevard, 1 The Boulevard, St. Louis Missouri, 200,000 GLA
– Holland Town Center, 12330 James Street, Holland, Michigan, 125,000 GLA
Popular retail centers
– Cornerstone Centre, 183rd & Harlem Ave., Tinley Park, Illinois 30,000 GLA
– Kensington Center, 12700 S. RT 59, Plainfield, Illinois 51,800 GLA
– Horton Center, 144th S. John Humphrey Drive, Orland Park, Illinois 40,000 GLA
– Seville Plaza, 8600 W. 159th Street, Orland Park, Illinois 28,218 GLA
Core Acquisitions manages over 2,000,000 square feet of commercial property for owned and third party accounts. Some of those properties include:
-Bloomington Commons, 188,000 square feet in Bloomington, Illinois
-Perry Marketplace, 188,000 square feet in Plainfield, Indiana
– Chatham Centre office building, 206,00 square feet in Schaumburg, Illinois
– Gables of Avon, 140,000 square feet in Avon, Indiana
– Copley Center, 65,500 square feet in Schaumburg, Illinois
– Division Place, 127,000 square feet in St. Cloud Minnesota
– Champaign Town Center, 24,000 square feet in Champaign, Illinois