Naperville Plaza, the city’s first neighborhood mall, sells for $52 million – Chicago Tribune
As recent sales show, there’s still plenty of life left in the city’s first nearby mall, which turns 60 this year.
The 115,000 square foot Naperville Plaza at Washington Street and Gartner Road was sold for $52 million this year to Regency Centers, a real estate investment trust based in Jacksonville, Florida.
The transaction comes just over a year after Northpond Acquisitions purchased a property in December 2020 for $36.5 million.
Built in 1961 by Harold Moser, the property is today anchored by Casey’s Foods and Trader Joe’s grocery stores and longtime Naperville retailer Oswald’s Pharmacy.
“Deli-anchored malls are a core part of our business, and Naperville Plaza was chosen because it’s one of the most attractive malls in Chicagoland,” said Nick Koglin, vice president of Regency, in a statement.
“We have long been intrigued by the prospect of acquiring this center and are excited by the opportunity to selectively improve what is already good to make it great,” Koglin said.
The mall is located on “exceptional real estate”, he said, and has a wide range of local, regional and national tenants and a long history of performance.
When businesses come to the square, they tend to stay there.
The average seniority of the 27 tenants in the center is 21.6 years, according to real estate advertisements.
Among the old ones is the Colonial Cafe, which has been around since 1983, when the cafe’s owners converted the old Hobnail restaurant.
Of the two flagship grocers, Casey’s Foods opened in 1991 and Trader Joe’s in 2002.
While Oswald’s Pharmacy has been a Naperville staple for over 140 years, it moved to Naperville Plaza in 2004.
Naperville Mayor Steve Chirico said that although he’s seen housing prices skyrocket in recent years, the sale of Naperville Plaza is “pretty remarkable.”
“Naperville is definitely ahead of the pack commercially,” he said.
The city has received a healthy dose of national recognition as a place to invest in small businesses and a place to raise a family, the mayor said. “It certainly helps to support and build investor confidence in our region,” he said.
Naperville is blessed with economic engines such as Edward Hospital, North Central College, the Auto Dealership District and the Business Corridor, Chirico added.
“These are all in themselves very powerful job creators and a technology space,” he said.
And while the college and hospital are nonprofits, they still have a lot of economic impact on people who live and spend their money in neighborhood malls like Naperville Plaza, Chirico said.
The center has two open spaces available to tenants: a 3,730 square foot area between Trader Joe’s and Oswald’s Pharmacy and 1,000 square feet at a corner near Gardner Road, according to the Regency Center’s website.
Other tenants include Firestone Auto Shop, Sherwin-Williams Paint Store, Orangetheory Fitness, Busey Bank, Impact Physical Therapy, Celidan Creations, Eye World, Succulent Seafood, Decca Spice Lounge, Rocco’s Pizza, Healthy Bread 4U, Kriser’s Natural Pet , Shuckin Shack Fish Market, Fantastic Sams, Weight Watchers, Jimmy John’s, YogaSix, Naperville Smiles Dental, Deka Lash and Empress Nails.