NewQuest Properties, a commercial real estate firm based in Texas, has acquired the Riverbrook Shopping Center located in Naperville’s suburban area. The 141,000-square-foot property is set to undergo a transformation and will be renamed. According to the Chicago Business Journal, NewQuest purchased the retail site in Spring of 2023.
Since then, there has been an increase in occupancy from 31% to 72%, as stated by a NewQuest spokeswoman. The Houston-based developer plans on redeveloping and renaming the site with updates such as an exterior facelift and refreshed landscaping. They also aim to bring new tenants into their updated lineup.
The company will begin selecting a general contractor for this project once construction permits are secured. Mid-America Real Estate is responsible for managing the property while leasing will be handled by NewQuest Properties themselves. Completion of this project is expected during summer of 2025.
According to Nguyen from NewQuest Properties,”This venture marks our first step into Chicago’s market which was driven by its attractive demographics and potential for growth.”
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