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.Recommend0 recommendationsPublished in