Naperville's Main Street Promenade sold for $88 million
Main Street Promenade in downtown Naperville, was purchased by Oak Brook-based Retail Properties of America Inc. for about $88 million.
The acquisition of Main Street Promenade, developed by Dwight and Ruth Yackley of BBM Inc., includes a vacant parcel that has approval for future development of up to 62,000 square feet of mixed-use space. The sale closed Friday.
Main Street Promenade is an 182,000 square foot building that includes such stores as Anthropologie, J. Crew, Soft Surroundings, Ann Taylor LOFT, Sur la Table, White House Black Market and Hugo's Frog Bar & Fish House.
"As we continue to be very active in our pursuit of high quality assets within our target markets, we are thrilled to start the year with a mixed-use acquisition of this scale in one of the strongest submarkets in the Chicago MSA," Matthew Beverly senior vice president, director of investments at Retail Properties, said in a statement.
More than 15 years ago, the Yackleys built the mixed-use building for about $40 million that helped to change the face of downtown Naperville.
Dwight Yackley also built the Barnes & Noble Booksellers building in 1998 at the intersection of Washington Street and Chicago Avenue. a few blocks away from Main Street Promenade.