CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Capital Partners, LLC ("FIDES") arranged the sale of Grayslake Plaza on behalf of the Seller, a regional financial institution. Grayslake Plaza is a 41,000 square foot shopping center located at 815-829 E Center St. Grayslake, IL. The property was 14% occupied as of closing with no anchor tenant. FIDES took over management and leasing of the distressed shopping center on September 1, 2015, and immediately negotiated a 5-year lease renewal for an existing tenant. FIDES then sourced a buyer and arranged the sale of the center within a three-month timeframe. The buyer intends to open a new grocery store in 2016. Gregg Handrich of FIDES said, "We are thrilled that we were able to source a buyer for the client and close on the transaction in such a short timeframe that will provide a significant benefit for the Village of Grayslake. The transaction provided an additional challenge, as we had to negotiate the relocation of an existing tenant that was a condition of the sale contract. ”