Streets of Woodfield in Schaumburg finds eager buyer at a discounted price
More than four years after a first attempt to sell the Streets of Woodfield shopping center, New York-based private equity firm Blackstone has found an eager buyer in Hutensky Capital Partners of Hartford, Connecticut.
However, Blackstone is getting only $69 million for the 692,000-square-foot property it paid $168.5 million for in 2015. The company explained why they were taking the financial hit.
“This is a rare instance in our over $600 billion portfolio comprising nearly 13,000 assets,” a Blackstone spokesperson said in a statement. “We aim to invest in sectors with strong fundamentals propelled by macro demand trends, which is why nearly 75% of the real estate we own is in sectors like logistics, rental housing and data centers.”
Hutensky Capital Partners founder and CEO Brad Hutensky spoke of the potential his firm sees in the investment.
“Streets of Woodfield represents a wonderful opportunity to build on an exceptionally strong tenant lineup: a top performing Dick’s (now converting to a House of Sport), strong sales from Whole Foods, AMC and Dave & Buster’s and a Legoland that attracts visitors from a 4-hour drive time,” he said in a statement. “Strong restaurant offerings add to that mix.”
He sees the main opportunity in filling excess space currently leased by RH Outlet in the former Carson's as well as the vacancy that will be created from the soon departing Crate & Barrel store.
Hutensky added that his firm and its capital partner PCCP are prepared to make the investments needed to help Streets of Woodfield reach its full potential.
“We look forward to working with the village of Schaumburg to create a shopping, entertainment and dining destination worthy of this exceptional location,” he said.
Schaumburg Economic Development Director Matt Frank said the optimism the village feels from the firm starts with the energy of Hutensky himself.
“He’s very hands-on and wants to be a good partner,” Frank said.
He added the appeal of the shopping center to a potential buyer has never been lost on the village.
“We’re fortunate that it has a lot of great anchors to begin with,” Frank said.
He praised Blackstone’s nearly 11 years of hard work in keeping many entertainment venues viable through the pandemic, bringing in Dave & Buster’s and extending the lease with Dick’s.
Opening just across the road from Woodfield Mall in 2000, Streets of Woodfield marked a complete overhaul of the site that had been the enclosed shopping center known as One Schaumburg Place in the 1990s.
Hutensky Capital Partners’ most recent investments in the Chicago region were the combined $104 million purchases of Bloomingdale Court in Bloomingdale and Lake View Plaza in Orland Park in November 2024.