ARLINGTON HEIGHTS, IL (PRWEB) August 10, 2012
Stonestreet Partners LLC and Stoneleigh Companies, LLC announce the acquisition of the 18,000 sf Esplanade Shopping Center located at the corner of Euclid Avenue and Salt Creek Lane in Arlington Heights, IL. The purchase was financed thru a new loan issued by Bridgeview Bank.
David Trandel of Stonestreet Partners stated “After our acquisition of the former Sheraton at Arlington Park property and Coco Key Waterpark and the completion of the entitlement process for the renovation of that property, we felt it was important to add The Esplanade to our portfolio to help the local retail environment be world class for our future residents and the users of Arlington Downs.”
The Esplanade Shopping Center is currently anchored by Starbucks and Subway and has available space to meet the needs of strong retail demand in the southwestern portion of Arlington Heights. “We have strong interest from national retailers who realize the long term benefits of this location and who want to be situated in an always busy corner site” said Trandel.
Stonestreet Partners is a real estate investment company and is affiliated with the investment group that acquired the Sheraton property and adjoining land. “Arlington Downs will be a cornerstone for the Village of Arlington Heights with the renovation of the hotel tower into world class apartments in collaboration with Stoneleigh, the construction of a new branded limited service hotel and reopening of the waterpark in 2013. Our entitlements also allow for up to 70,000 sf of additional retail at Arlington Downs and the addition of the Esplanade Shopping Center helps us provide a complete multi-use facility for the area” Trandel stated.