Westwood Financial LLC, a leading retail real estate investment firm has acquired an urban retail property in Chicago’s Lincoln Park neighborhood. Clybourn Galleria is located in the bustling North & Clybourn Retail Corridor across from Trader Joe’s and adjacent to Lincoln Yards, a new 70-acre, mixed-used development that is expected to exceed $1 Billion.
The asset is Westwood’s fourth acquisition in the Chicago market since December 2017. Kingsbury Center which is also located in the Clybourn Corridor was Westwood’s first acquisition followed by Walgreens-anchored, Elmhurst City Centre in June. The most recent acquisition, a retail condominium occupied by Amazon, is also located in Lincoln Park across from DePaul University.
The center is 100% leased and anchored by Natuzzi Italia, a high-end luxury furniture brand. Other retailers include Jos. A. Bank, Massage Envy and Red Wing Shoes. The location benefits from a dense population of over 500,000 within a 3-mile radius combined with a strong daytime population of over 600,000 and an average household income of over $115,000. The surrounding submarket features market leading retailers such as Apple, Whole Foods, Trader Joe’s, Dick’s Sporting Goods, Saks Off 5th, Nordstrom Rack and Arclight Cinemas.
Westwood Financial CEO Joe Dykstra commented, “We are proud to announce the acquisition of another urban retail property in Chicago. Our expanded presence in the region represents our increased interest in purchasing urban street retail in one of the top metropolitan areas in the U.S., and further reinforces our investment strategy of buying high-quality properties in highly-dense locations.”