Beechmont LLC successfully closed; Funds re-invested in Woodfield property
Beechmont LLC, (A Fresh Thyme anchored retail center in the Income Series) sold on 2/22/17. The fund successfully exited this investment and reinvested the principal in SDG Golf, a retail development across from Woodfield Mall in Schaumburg, IL. Details of the new investment are below.
Woodfield: SDG Golf LLC Investment Overview:
The real estate manager purchased a high profile 4.5 acre out lot from JC Penney at the NW corner of Woodfield Mall on the southeast corner of Golf and West Drive in Schaumburg, IL. The real estate manager will be constructing two multi-tenant buildings and a pad for a long term ground lease. The ground lease located at the west side of the site will be a 6,802 square foot Chuy’s (NASDAQ: CHUY). There will be two multi-tenant buildings: building (A) will be 12,271 square feet consisting of Nando’s, MOD Pizza, Naf Naf Grill and a TBD retail user; Building (B) will be a 11,610 square foot 3 tenant building. SDG is currently in negotiations with Peet’s Coffee, a TBD in line retail user, and Core Life.
The site is considered an A+ location/market and is located at the busiest entrance to the super regional Woodfield Mall. SDG received full zoning and entitlement approvals from the Village of Schaumburg and closed on February 24, 2017.
Construction is scheduled to start in March of 2017 with turning over the pad to Chuys in late May of 2017 and delivery of the Tenant spaces in September of 2017. Read more on the Woodfield Investment Overview page.