CHICAGO – November 4, 2016 – Abington Emerson Investments, LLC, a privately held real estate investment firm, purchased Shorewood Crossing Retail Center (the “Plaza” or “Shorewood”) located in Shorewood, Illinois. Anchored by Jewel-Osco, a large Midwest grocer, the 16,000-square foot Plaza is also home to NAPA Auto Parts and a nail salon.
“This is the fourth Illinois retail acquisition for Abington Emerson in 2016,” commented Johnny Camarena, Senior Vice President of Acquisitions for Abington Emerson. “We are very pleased with our retail portfolio in the suburban Chicago area and hope to continue to add to it.”
Shorewood was acquired at an attractive cap rate and has substantial value-add potential. The property is centrally located in the Shorewood/Joliet market, has ample parking, easy access and visibility, but is only 50% occupied and requires significant upgrades. Abington Emerson specializes in value add investments in retail and other commercial real estate sectors.