Newport Capital Partners Sells Westlake Plaza in Chicago

JLL closes sale of suburban Chicago retail center
Westlake Plaza

January 13, 2020 – JLL Capital Markets announced today that it has closed the sale of Westlake Plaza, a 42,018-square-foot, internet-resistant neighborhood shopping center in Chicago’s affluent Northshore community of Wilmette, Illinois.

JLL represented the seller, Chicago-based Newport Capital Partners. A private real estate fund advised by Crow Holdings Capital purchased the asset.

Westlake Plaza is one of only three neighborhood centers within the market, and no new retail space east of Interstate 94 has been delivered to the market over the last 40 years. The center is 83% leased to a variety of internet-resistant tenants, including Supercuts, Subway, Dunkin’ Donuts, Westlake Chiropractic HealthCare Center, Finest Fit Cleaners, Ivy Cleaners, Mei Lin House and Professional Eye Care. Situated on 2.5 acres at 3207 Lake Avenue, Westlake Plaza is on Chicago’s North Shore and surrounded by some of the most prestigious and affluent suburbs in the country. More than 110,000 residents earning an average annual household income of $182,250 live within a three-mile radius of the center.

The JLL Capital Markets team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell.