LOS ANGELES – February 3, 2016 – A fund advised by CBRE Global Investors has acquired The Shops at Glen Pointe, a newly delivered, Class A, dominant grocery- and fitness-anchored shopping center in an affluent North Shore suburb of Chicago. The property was constructed in 2015 and is currently 100 percent leased.
The property is anchored by two high-performing free-standing tenants: Mariano’s, which occupies 90,000 square feet, or approximately 60 percent of the net rentable area, and LA Fitness, which occupies 41,000 square feet, or approximately 28 percent of the net rentable area.
The shopping center is strategically located in a submarket with strong demographics off I-294 at the Willow Road Exit in Glenview, Illinois. This thoroughfare produces a traffic count exceeding 130,000 vehicles passing the property daily. Additionally the property benefits from a mix of office and residential developments within walking distance.
“The growth of high-paying business and professional services jobs is fueling stronger growth in the retail sector, and demand for grocery-anchored retail is particularly strong,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors. “The Shops at Glen Pointe provide further product type diversification in an attractive market.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.