Boutique investment firm buys Wilmette mall amid partial conversion

Edens Plaza, 3232 Lake Avenue (Credit: iStock)

The Edens Plaza Shopping Center in Wilmette has sold for $72 million, months after village officials approved a plan to build out a large new medical center inside the complex.

The buyer was Newport Capital Partners, a Chicago-based real estate investment firm.

Newport will take over a retail center once anchored by a 161,000-square-foot Carson’s department store, whose parent company filed for bankruptcy last year.

The seller — a joint-venture between Chicago firms 11 East Partners and Draper & Kramer — had signed a 10-year lease with NorthShore University HealthSystem in September.

NorthShore’s new facility, set to occupy the former Carson’s space, has an estimated cost of nearly $29 million, according to a village planning document.

The lease states that Newport Capital will expect $83,000 a month from NorthShore by the end of the term in 2028.

Other retail tenants at the property include Bed Bath & Beyond, Walgreen’s and Five Guys.

Mall owners across the country have turned to conversions  as a way to prop up their struggling assets, as retail bankruptcies and competition from e-commerce have left them with a glut of vacancies.

Representatives of Newport Capital Partners, 11 East Partners, and Draper & Kramer did not respond immediately to requests for comment.

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