Holliday Fenoglio Fowler announced today that it has closed the sale of and arranged acquisition financing for Broadway at Surf, a 134,285-square-foot, multi-level, grocery-anchored retail center at the conflux of Chicago’s Lincoln Park and Lakeview neighborhoods.
HFF worked on behalf of the seller, Invesco. A joint venture partnership between Intercontinental Real Estate Corporation, on behalf of its managed fund, U.S. Real Estate Investment Fund, LLC, and Fairbourne Properties, LLC purchased the asset. Working on behalf of the new ownership, HFF also placed the acquisition loan with Nationwide Real Estate Investments.
Broadway at Surf is situated on 1.34 acres in the affluent Lincoln Park neighborhood of Chicago. More than 419,400 residents living within a three-mile radius of the property earn an average annual household income of more than $111,000, exceeding both the Chicago MSA and the Midwest average household income. Broadway at Surf is a three-level retail center anchored by Walmart Neighborhood Market, Bed Bath & Beyond, T.J.Maxx and Fitness 19. The 97.3-percent-occupied center also includes 125 parking spaces on the roof-top level.
The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell.
The HFF debt placement team representing the new owners was led by managing director Timothy Joyce and associate director Christopher Knight.
According to HFF, the premier location of Broadway at Surf and the exceptional credit of the property’s tenant roster were very well received by the lending community. This combination ultimately led to very attractive financing terms for Intercontinental and Fairbourne.