Perform Properties, a Blackstone affiliate, recently sold a Schaumburg shopping center for $69 million, a steep discount and a fraction of the price the company previously paid for the property.
Located at 601 N. Martingale Road, the Streets of Woodfield retail property is adjacent to Woodfield Mall, the largest in Illinois. Connecticut-based Hutensky Capital Partners bought the shopping center. Blackstone paid $168.5 million for the 692,000-square-foot property back in 2015. Hutensky Capital Partners and its capital partner, PCCP, plan to reinvest in the property.
The deal comes more than four years after Blackstone first put the property up for sale in late 2021, reported Crain’s. The largest tenant in the Schaumburg property is Dick’s Sporting Goods, which leases 173,793 square feet. Other major tenants include Whole Foods Market, AMC, Dave & Buster’s and Legoland Discovery Center. Hutensky Capital Partners also purchased the Chicago-area retail centers Bloomingdale Court and Lake View Plaza in 2024.
Nominate Commercial Real Estate’s Leading Investment Sales and Leasing Brokers — For the ninth year in a row, Connect CRE will spotlight the industry’s top brokers based on the past year’s achievements. Click here to submit your nominations.
The post Blackstone Sells Schaumburg Retail Center at Steep Discount for $69M appeared first on Connect CRE.