AmCap Acquires Mallard Crossing in Chicago, #3 Ranked MSA
October 10, 2019 - AmCap is proud to announce the acquisition of Mallard Crossing in Elk Grove Village, IL. The approximately 81,000 sf shopping center is anchored by Aldi, Ross Dress for Less and Dollar Tree. A Walmart shadow-anchor provides heavy traffic and name-recognition draw to the overall center.
According to Jake Bisenius, President and CIO of AmCap: "We invested in Mallard Crossing due to the anchor tenant line up. These are tenants who are performing strongly at the center, with each having a current lease term through 2029 and beyond.”
Located along the intersection of Meacham Road and Nerge Road, the center sees traffic flows of over 38,000 vehicles per day, and has over 80,000 people within a three mile radius of the center with an average annual household income of $102,000. Recent repositioning and renovations have drawn a mix of new necessity retail, service, and medical tenants to the center, which are uses that successfully compete with, as well as complement, current e-commerce shopping trends.
Elk Grove Village is an affluent and bustling suburbs of Chicago, and Mallard Crossing enjoys a large daytime population of over 100,000 people within 3 miles. The area's central location and proximity to air, interstate, and rail travel makes it attractive to businesses as well as residents. The Elk Grove community proactively encourages both economic growth and enhanced quality of life for its residents. The local government is currently investing $125M into a comprehensive infrastructure improvement program, and actively seeks to attract businesses through their annual Manufacturing Expo and recent sponsorship of college sports. Residents enjoy a low cost of living paired with a high standard of living. Employment opportunities are plentiful, as are the well-maintained local amenities. Residential property taxes are some of the lowest in Cook County, thanks to the expansive industrial base.
AmCap is a vertically integrated private real estate investment firm with offices in Stamford, Connecticut and Denver, Colorado. Founded in 1979, it focuses exclusively on grocery-anchored and necessity-driven retail shopping centers in high-density U.S. metropolitan markets. AmCap has over $1 billion of gross assets under management with a nationwide footprint totaling approximately 4.8 million square feet. Additional information is available at www.amcap.com.