Downers Park Plaza

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Downers Grove (Chicago MSA), IL

 

     

       Downers Park Plaza is a 265,000 square foot Class A shopping center located in a regional retail corridor in the Downers Grove, IL

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     The center is anchored by Best Buy, TJ Maxx, Homegoods, Shop & Save, Old Navy, and Party City. PMAT aqcuired this asset in an off-market transaction at 89% occupancy from a national REIT tht is exiting this market, representing a great value-add opportunity for a quality center widely regarded as the dominant center in the submarket.

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       Downers Park Plaza is located in a strong regional location along the 75th Street retail corridor, the primary shopping destination serving the Downers Grove and neighboring Darien and Woodridge communities, with great visibility at a signalized intersection with traffic on 75th St and Lemont Rd (more than 61,000 VD).

 

Demographics in the area are strong with over 100,000 people living in a 3 mile radius earning average incomes of over $100,000. In a 5 mile radius there are 231,000 people with average incomes around $112,000.

 

      PMAT was able to acquire this center off market at a significant discount to replacement value from a REIT that is exiting this market. This reset basis allows for maximum flexibility in our efforts to stabilize this asset.