Mike Freno Of Barings Acquires Market Meadows Retail Center In Naperville For $54.5M
1201 Naper Boulevard
$54,500,000
$365/SF
Building Size
149,185 SF
Asset Type
Retail
Closing
Nov 13, 2025
About this deal
AI
A 149,185-square-foot retail property located at 1201-1315 South Naper Boulevard in Naperville, Illinois, was sold for $54.5 million. The price per square foot of the shopping center amounts to $365. The transaction reflects a significant real estate move within the local market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $54,500,000
- Buyer: Mike Freno - Barings
- Seller: Louis Schriber III - Shorewood Development Group
- Lender: Principal Asset Management
- Financing: $27.25 million in fixed-rate financing arranged by JLL Capital Markets
The deal features key participants including Mike Freno representing Barings as the buyer and Louis Schriber III from Shorewood Development Group as the seller. Principal Asset Management is noted as the lender involved in the financing process of this transaction.
On the Map
$54,500,000
$365/SF
Retail
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Players
Naperville Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93