AmCap Acquires Norridge Commons in the Chicago MSA for $75.65 million
On February 5, 2015, AmCap, Incorporated acquired Norridge Commons ("Norridge"), a community center in Norridge, Illinois, on behalf of one of its institutional investors for $75,650,000. The center measures 331,979 square feet of GLA and occupies an in-fill site that services a densely-populated, above-average income trade area on Chicago’s northwest side. Located at the intersection of Irving Park Road and Harlem Avenue, Norridge’s roster features national tenants such as Bed Bath & Beyond, hhgregg, Kmart, Michaels, Shoe Carnival, and Walgreens.
With its proximity to downtown Chicago and O’Hare International Airport, Norridge benefits from the city’s high-density demographics. Approximately 300,000 people live within a three-mile radius and over 700,000 live within five miles, with 50,900 vehicles passing through the intersection on a daily basis. The center is adjacent to Harlem Irving Plaza, a dominant regional mall anchored by Target, Kohl’s, Carson Pirie Scott, and Best Buy.
AmCap, Inc. is a private equity real estate investment firm with offices in Stamford, Connecticut and Denver, Colorado. Founded in 1979, it focuses exclusively on premium grocery-anchored retail real estate in high-density U.S. metropolitan markets. AmCap acquired over $260 million of retail centers in the past twelve months and has a nationwide footprint across fifteen states totaling nearly 5.6 million square feet