Lamar Companies, in partnership with Real Capital Solutions, recently acquired Geneva Commons, a 440,370-square-foot open-air shopping center located in Illinois. The joint venture purchased the retail property for $63.8 million, significantly lower than its previous sale price of $124.5 million in 2013 as reported by Crain’s.
Geneva Commons boasts anchor tenants such as Dick’s Sporting Goods and Barnes & Noble and shadow anchors including The Fresh Market, Binny’s DSW and HomeGoods. With prime visibility along Randall Road,the premier hybrid open-air center features a diverse mix of established retailers ranging from beauty to jewelry to furniture to pet supplies.
According to Frank Maresca of Lamar Companies,”Geneva Commons holds a strategic position as the most prominent and profitable lifestyle destination within Chicago’s western suburbs.” He further added that they are eager to reinvest in this top-notch asset with the aim of driving more leasing activity.
The article “Lamar Cos.Acquires Geneva Commons at Major Discount” was originally published on Connect CRE.
