Davis Sells Two Lifestyle Centers for $23M

EVANSTON, IL-Davis Street Land Co., based here, has sold two retail lifestyle centers in Chicago and Chesterfield, MO for a total of $22.9 million. The company sold Clybourn Galleria, 1845 N. Clybourn Ave., Chicago, for a total of $13.5 million to Greenstreet Real Estate Partners, based in New York City, says Kevin Gazley, SVP with Colliers Bennett & Kahnweiler’s investment services group. A private St. Louis investor acquired the Shops at Clarkson Corner, 1940 Clarkson Rd., Chesterfield, for $9.4 million.

Gazley represented Davis Street in the sales transactions. Jane Hollo, with Colliers Turley Martin Tucker in St. Louis, represented the buyer of the Shops at Clarkson Corner. Davis Street had developed both properties, which Gazley described as “attractive, very well-built, institutional-quality assets.”

The Clybourn Galleria is a 25,054-sf center that is in Chicago’s Lincoln Park community and is in Chicago’s North Avenue retail corridor, which has 1.8 million sf of specialty and upscale retailers. The Chicago center has frontage on Clybourn Avenue and has 160 parking spaces.

The Shops at Clarkson Corner is a 20,432-sf retail center that is adjacent to Chesterfield Mall on Clarkson Road. Both retail centers are 100% leased.

Tenants at Clybourn Galleria include Ann Taylor Loft, Chico’s, Jos. A. Bank, Gymboree, Talbot’s and Nine West. Tenants at the Shops at Clarkson Corner include Talbot’s, White House/Black Market, Chico’s and Venetian Nail Spa. “These are both very desirable core retail properties with exceptional locations, high traffic areas and strong demographics,” he says. Both properties are expected to provide “long-term rental growth,” Gazley says.

The centers were both constructed in 2003, he says. The buyers do not have any renovations planned for the two centers, Gazley says.