Encore acquires grocery-anchored centers in Illinois, Rhode Island
Dallas-based investment firm Encore Enterprises Inc. has acquired two new grocery-anchored centers.
Through a new co-general partnership with AmCap Management Holdings LLC (AmCap), Encore has acquired Northpoint Center in Arlington Heights, Ill., a suburb of Chicago, and Cowesett Corners in Warwick, R.I., the third-largest city in the state. The acquisitions bring Encore’s portfolio to 26 properties and 1.41 million sq. ft.
“The grocery-anchored retail sector continues to demonstrate resilience over prior years, showing strong net absorption and vacancy rates that are in line-to-below historical submarket averages,” said Mike Nelson, president of Encore Commercial. “This co-GP joint venture marks Encore’s fifth portfolio acquisition with AmCap, an elite partner with an impeccable track record and decades of experience within the retail grocery anchored shopping center space.”
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Image courtesy of Encore. -
Image courtesy of Encore.
Northpoint Center, Arlington Heights, Ill.
The 276,333-sq.-ft. grocery-anchored retail center has tenants including Jewel-Osco, Ross, Marshalls, Chase Bank, Five Below, and PopShelf. Northpoint Center is situated within a dominant regional retail corridor and is easily accessible to downtown Chicago via I-90 and I-290 and two Metra commuter rail stations. The former Arlington Park racetrack is about 3 miles away, and was purchased by the Chicago Bears as a potential home for the team’s new stadium. O’Hare International Airport is about a 15-minute drive.
Cowesett Corners, Warwick, R.I.
The 152,595-sq.-ft. grocery-anchored retail center in the heart of Rhode Island’s retail trade district has tenants including Stop & Shop, Petco, Five Below, and Oak Street Health. Warwick is situated 10 miles south of downtown Providence, 50 miles south of Boston and is served by Interstates 95 and 295. The city is home to Rhode Island’s largest airport, T.F. Green, and its second-largest hospital, Kent Hospital.
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“The acquisition of Cowesett Corners and Northpoint Center further fortifies our longstanding partnership with Encore, built on a shared foundation of deep sector expertise, leadership experience and steadfast investment discipline,” said AmCap CEO Jake Bisenius. “Of all retail centers in the U.S., only one-third meet AmCap’s stringent investment criteria and of those, we target about eight to 12 deals per year."
