CenterSquare Investment Management Acquires Retail Space In Geneva, IL From Lamar Companies For $39M

The retail asset involved in the transaction is located at 620 Commons Drive in Geneva, IL. The property encompasses an 87,000-square-foot space within the Geneva Commons shopping center and was sold for $39,000,000, resulting in a price per square foot of $448.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $39,000,000
• Buyer: Todd Briddell - CenterSquare Investment Management
• Seller: Mark Kalkus - Lamar Companies
• Lender: CIBC Bank
• Square Footage: 87,000
• Occupancy Rate Improvement: Increased from 88% to 95%
• Retained Square Footage: Over 300,000 square feet of the retail center with Lamar Companies and Real Capital Solutions
• Credit Facility: $78 million revolving credit facility from CIBC Bank

Key individuals in this transaction include Todd Briddell, who represented CenterSquare Investment Management as the buyer, and Mark Kalkus, who represented Lamar Companies as the seller. The deal showcases the efforts of Lamar Companies to enhance tenant occupancy through strategic leasing and property improvements before the sale took place.