NORTHBROOK, Ill., July 13, 2015 /PRNewswire/ — Alex Berman, who served as CEO of EPN Group when it completed an industry-leading $1.43 billion sale of 47 properties to Blackstone Real Estate Partners and DDR Corporation three years ago, is on the acquisition path again.
Berman has a long track record of making successful U.S. and international real estate investments including his tenure as CEO and co-founder of EPN Group and Head of GGP International. Berman’s current company Greenwood Global, Inc. (“Greenwood”) has acquired Kendall Marketplace in suburban Chicago. The shopping center was planned to be a major power/lifestyle center, but opened in 2008, in the midst of the financial crisis. Greenwood believes that the strong demographics of the market and the growth potential of Yorkville and Kendall County, coupled with enhanced marketing and leasing efforts, will help to make Kendall Marketplace the shopping destination that it was originally meant to become.
The property is a 590,000 sq ft Class “A” shopping center situated on 129 acres of land. In addition to 192,000 sq ft of existing retail space, Kendall Marketplace, anchored by Dick’s Sporting Goods, Marshalls and PetSmart, and shadow-anchored by Super Target, Home Depot and Kohl’s, has the ability to significantly expand through the development of multiple outparcels and adding as much as 155,000 sq ft of retail space. Greenwood also acquired residential land adjacent to Kendall Marketplace zoned for 192 single family homes and townhomes.
“We are excited about acquiring Kendall Marketplace,” said Berman. “The property has a great backbone, and we look forward to working with CBRE, who has been selected to be the property manager and leasing agent, on accelerating development and leasing, and transforming this property into a premier shopping and eating experience, as we continue sourcing other value creation investment opportunities.”
SOURCE Greenwood Global, Inc.