Holliday Fenoglio Fowler, L.P. says it has closed a $35.4 million sale and arranged $23.1 million in acquisition financing for Lincoln Place, a 272,060-square-foot shopping center in Fairview Heights.
HFF worked on behalf of the seller, Spirit Realty Capital. Acadia Strategic Opportunity Fund IV purchased the asset. Working on behalf of the new ownership, HFF also placed the five-year, fixed-rate acquisition loan with a national bank.
Lincoln Place is situated on 17 acres at 5905-6109 North Illinois Street at the intersection with Lincoln Highway. Lincoln Place is 99.6 percent leased to a mix of national tenants, including Kohl’s, Ross Dress for Less, Old Navy, Marshalls, Famous Footwear, Five Below, Pier 1 Imports, Saint Louis Bread Company and Mattress Firm, in addition to a separately owned Lowe’s, Chili’s and Chick-fil-A. The center was developed in 1999 and renovated in 2005.
The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell. The HFF debt placement team representing the new owners was led by managing director Timothy Joyce.
About Spirit Realty Capital
Spirit is a real estate investment trust that seeks to invest in high-quality, retail real estate, subject to long-term, net leases. It is owner of income-producing, strategically located retail, industrial and office properties. As of Sept. 30, 2016, Spirit’s portfolio was comprised of 2,705 properties, including 452 tenants across 49 states with an aggregate gross leasable area of approximately 55 million square feet. Additional information may be found at spiritrealty.com
About Acadia Strategic Opportunity Fund IV
Acadia is the managing member of the fund, Acadia Realty Trust. It is an equity real estate investment trust whose portfolio concentrates on assets in the nation’s most dynamic urban and street-retail corridors. Visit acadiarealty.com
Holliday Fenoglio Fowler, L.P., HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. HFF operates out of 24 offices and is a provider of commercial real estate and capital markets services to the global commercial real estate industry. Visit hfflp.com
— From the Illinois Business Journal via HHF