Eden collection. Image credit: JLL Capital Markets
The Jaffe Cosacquired a $40 million five-year variable rate loan to refinance Edens Collection, a 142,740-square-foot grocery-focused retail center in Chicago. JLL Capital Markets Arranged a loan on behalf of the borrower through Pacific Life Insurance.
Completed in 2020, the urban Infill shopping center is backed by Target supermarkets and is currently 94% leased. Property tenants include Ross, Starbucks, LA Fitness, Five Below and Eyecare Services Partners.
Located at 4601-4715 W. Foster Avenue, Edens Collection is adjacent to the Foster Avenue exit and close to major thoroughfares such as Interstate 94, Cicero Avenue, and Elston Avenue, making it highly visible. There are advantages. The retail center is located in a trade area where daily traffic reaches his 214,900 vehicles. Downtown Chicago is approximately 10 miles southeast of the property.
according to CBREThe Edens Collection website is designed for easy pedestrian access and is an ideal location for national, regional and local retailers, service providers and restaurants. According to the same source, the retail center also has his 500 parking spaces.
JLL’s Executive Director Keith Largay and Executive Director Christopher Knight represented Jaffe on the refinancing agreement.
Changes in consumer behavior
As of the end of 2022, retail investment activity was concentrated in key markets such as New York City, Los Angeles and Chicago, according to a year-end market report conducted by . MatthewsLast year, 47.3 million square feet of retail space was delivered and just over 250 million square feet of retail space was leased, according to the same sources.
Certain segments of the retail sector, such as grocery stores, discount stores, restaurants, hypermarkets and strip centers, are expected to do well in the future, Matthews said. But as inflation picks up, commercial realtors are reassessing their investment strategies in the market.
As changing consumer behavior, economic volatility, and supply chain issues continue to challenge the industry, retailers are now investing in ways to meet customer demand through both online and in-store experiences. increase.
