The Shoppes of Riverwoods
The Shoppes of Riverwoods is a 30,280 square foot shopping center development that was completed August 2004 in Riverwoods, Illinois.
Concordia Realty, in partnership with Heritage Realty Group, Inc. started the development by placing a 6.68-acre vacant land parcel located near the northeast corner of Deerfield Road and Milwaukee Avenue under contract in 2002.
Through excellent relationships with the Village of Riverwoods and a very strong location, The Shoppes Of Riverwoods was 96 percent leased to a combination of strong national credit tenants and quality local tenants.
The tenants include: Panera Bread, Nextel, Bank One, UPS, Baja Fresh, Roly Poly and Quiznos. The rents achieved have averaged 77 percent more than the pro-forma and was sold in June 2006 at a 6.73 percent cap rate; this was the equivalent of a 39 percent return on cash invested.