Built with $8.5 million in private equity and $25 million in construction debt, sold for $70.1 million
Investment Strategy
Raised private equity and purchased well-located but underutilized land from city of Evanston and Northwestern University, developed a 185,000 square foot retail/entertainment complex in phases over four years, anchored by 3,400-seat, 18-screen Century Theatres, Northwestern Memorial Healthcare, Cost Plus World Market and Urban Outfitters
Served as master developer for adjacent complementary uses, including a 178-room Hilton Garden Inn, 205 luxury condominiums, 195,000 square foot office building, and 1,400-car municipally-owned parking garage
The Church Street Plaza master development is widely credited with initiating Evanston’s downtown urban renewal, revitalizing high-potential, underutilized land adjacent to a major university and public transit rail and bus lines
Church Street Plaza remained over 90% leased continuously from its opening in 2001 to its sale in October 2013 and weathered the 2008 recession and several tenant bankruptcies (including original tenant Borders) without requiring lender concessions or additional equity infusions from its owners
AHC sold a partial stake to Grosvenor Americas (North American real estate investment arm for the Duke of Westminster) in 2006, and sold both partners’ interests to Stockbridge Capital in October 2013 for $70.1 million
