Smoothies, shakes, fries and fashion in Glenview

(Crain’s, November 8, 2013) - Four new stores are coming to the Glen Town Center in the northern suburbs, a bright spot for a once troubled shopping complex as it courts buyers.

The new leases, which total nearly 11,700 square feet, bring occupancy of the center’s lender-owned retail space to 90 percent, confirmed S.L. van der Zanden, managing principal and CEO of Chicago-based RE|SOLUTIONS, which manages the Glenview property.

Houston-based Situs Cos. is trying to sell the space, which encompasses nearly 267,000 square feet, after taking ownership through a foreclosure suit filed last year against the center’s developer, an affiliate of San Diego-based OliverMcMillan LLC.

“We lifted the cloud of the delinquency and the foreclosure action and let people know that there is someone here in charge,” Mr. van der Zanden said. “We were ready to do deals, and
they came forward.”

Located on the site of the former Glenview Naval Air Station, the complex also includes a Von Maur, the Regal Glen Stadium 10 cinema and apartments that are owned separately. Including the department store and movie theater, the shopping center is about 96 percent leased, according to Joe Parrott, a senior vice president with Los Angeles-based CBRE
Inc. who handles leasing.

Among the new tenants at the Glen is Houston-based Pinot’s Palette, an upscale wine-and-art franchise that is breaking into the Chicago market, where it will compete with similar concepts like Bottle & Bottega and Arts n Spirits.

Pinot’s, which is also opening a Naperville location, leased 2,500 square feet at the Glen and plans to open the studio in January, said franchisee Mari Sokolowski, who also serves as franchise development director for the company, which has 61 locations open or slated to

Mingle Juice Shop, meanwhile, signed a three-year, 1,180-square-foot lease for its first location, slated to open in March, confirmed Kimberly King, managing partner for the business. The store will target health-conscious consumers, serving fresh-squeezed juices and smoothies and a variety of grab-and-go food items, Ms. King said.

Rounding out the list of new tenants: MOOYAH Burgers Fries & Shakes, a fast-casual burger chain based in Plano, Texas, which leased about 2,000 square feet, and Curragh Traditional Irish Pub, which took 6,000 square feet. Curragh also has locations in Chicago’s Edison Park
neighborhood, Skokie and Holland, Mich.

Additionally, former business partners Stella Chun and Grace Yoon, which ran the Stella + Grace women’s clothing boutique in the center, have closed that business and opened their own stores, which total 2,274 square feet, Mr. van der Zanden said.

The value of the 267,000-square-foot retail portion of the complex plummeted during the recession, when it failed to generate enough income to cover its debt service costs, leading to the default.

Occupancy dropped as low as 84 percent in 2011, according to Mr. van der Zanden.


While the new leases are a positive sign for the center, its tenant mix and location away from main thoroughfares continue to pose a challenge, said Tony Kahan, a partner with KB Real Estate Inc., a Northfield-based retail broker and developer.

“There’s no everyday draw bringing you into the shopping center,” Mr. Kahan said. “You don’t have that Whole Foods anchor . . . that grocery anchor that is going to bring people in from outside the community and inside the community.”

Situs is a so-called special servicer that oversees the property on behalf of investors who own bonds backed by mortgages on a pool of properties, including the Glen.

The company took title to the 267,000-square-foot portion after a foreclosure auction earlier this year, according to property records. A Situs spokeswoman did not return a call.

“OliverMcMillan is glad to hear of new leases at Glen Town Center,” the company said in a statement. “We keep a keen interest in its success as owners of the theater and the Aloft
apartments and as managers of the parking.”

Situs has enlisted Oakbrook Terrace-based Mid-America Real Estate Corp. to sell the 267,000-square-foot portion of the center. The property is being marketed without an asking price. The Von Maur and movie theater are not part of the sale.

The Glen Town Center Announces New Retailers and Restaurant

Glenview, IL – (November 7, 2013) – RE|SOLUTIONS is pleased to announce many new tenants recently joining the Center. They include The Curragh Irish Pub & Restaurant, Ella Louvi and Stella315 women’s clothing and accessories boutiques, Mingle Juice Shop, a healthy juice and smoothie bar, MOOYAH Burgers, Fries & Shakes, Pinot’s Palette, a unique destination for wine and painting, and announces new locations for Glen Orthodontics, P.C. and the newly expanded Dino’s Sports Fan Shop.

“We are very proud of the positive change in momentum since taking over management last December. The quantity and quality of these new tenants speaks volumes about how the Center has turned around” said S.L. van der Zanden, Managing Principal for RE|SOLUTIONS.

“At The Glen, we’re committed to offering our patrons a wide range of incredible dining experiences, as well as top of the line retail and service options within a single, neighborhood location.”

“We welcome Ella Louvi, Stella315 and Curragh Irish Pub & Restaurant to The Glen, and are thrilled our veteran tenants, Glen Orthodontics and Dino’s Sports Fan Shop, are able to provide their unique services at more convenient, and, in the case of Dino’s, more spacious locations for their customers”, said Tom Sikoral, Senior General Manager for RE|SOLUTIONS.

RE|SOLUTIONS completes 60,000 sf lease for Gordmans at retail center in O’Fallon, Missouri

RE|SOLUTIONS successfully completed a lease renewal for a 60,000 sf Gordmans, the anchor department store tenant at the O’Fallon Walk shopping center.  In its role as court-appointed receiver and property manager for the troubled O’Fallon, Missouri community shopping center, RE|SOLUTIONS  was able to a stem the tide tenant departures.  Based out of Omaha, Gordmans currently operates 73 department stores across 16 states stretching from Colorado to Tennessee

After foreclosure, Glen Town Center goes up for sale

(Crain’s, August 15, 2013) The Glen Town Center, a foreclosed shopping complex in Glenview, is up for sale.

A venture of Houston-based Situs Cos. has completed a $55.6 million foreclosure suit on about 267,000 square feet of retail space in the apartment-and-shopping compound, according to a Bloomberg L.P. report about the property’s debt, taking the space back from an affiliate of San Diego-based mall developer OliverMcMillan LLC.

Situs, a loan servicer that oversees the property for investors who own mortgage bonds backed by it, has hired Oakbrook Terrace-based Mid-America Real Estate Corp. to sell the property. A Situs spokeswoman did not respond to requests for comment.

The property is being offering without an asking price, Ben Wineman, a Mid-America principal, said in an email.

Located on the site of the former Glenview Naval Air Station, the Glen Town Center includes a Von Maur store, a movie theater and apartments that are owned separately.

The shopping center has struggled, losing money each year from 2007 to 2011, according to the Bloomberg loan report. The property is currently about 90 percent leased, according to S.L. van der Zanden, managing principal and CEO of Chicago-based ReSolutions, the court-appointed receiver for the property.

In 2011, the last year for which data is available, the property generated $1.7 million in net cash flow before debt service, as compared to close to $3 million in loan payments due that year.

The buyer pool for the property may be limited because the Glen’s retail space doesn’t fit traditional categories investors seek, said Chad Firsel, president of Chicago-based Quantum Real Estate Advisors Inc.

“The challenge there is it doesn’t fit in a box … in the sense that it’s not grocery anchored and it’s not a true power center,” Mr. Firsel said. Despite wealthy consumers that live nearby, the property isn’t located on any of the key north suburban shopping corridors, he added.

OliverMcMillan declined to comment.

RE|SOLUTIONS Begins Receivership of the Glen Town Center

(December 17, 2012) In connection with a $55.6 million foreclosure suit, S.L. van der Zanden of RE|SOLUTIONS has been appointed the receiver of the Glen Town Center.  The developer, a venture of San Diego–based OliverMcMillan, has consented to its receivership appointment on the project’s 267,000 square feet.  According to a loan report from Bloomberg L.P., the retail property securing the loan has not generated enough cash flow to cover the debt service since 2009.

The Glen Town Center is the centerpiece of The Glen, a twelve-hundred acre master-planned community on the site of the former Glenview Naval Air Station and its historic Hanger One.  The Glen Town Center features pedestrian-friendly parkways and sidewalks connecting residents to the 1,150,000 square feet of retail shops, entertainment venues and residential dwellings.

RE|SOLUTIONS Appointed Receiver of site of former New City YMCA

(Crain’s, September 22, 2011) - Receiver named for former New City Y site – Resolutions, a Chicago-based real estate firm, said it has been appointed the receiver for the site of the former New City YMCA on the near North Side. A joint venture between Chicago-based Structured Development LLC and Wilton, Conn.-based Commonfund had planned a mixed-use project with 490 apartments and about 450,000 square feet of retail space but got hit last year with a foreclosure suit on the site at the corner of Clybourn Avenue and Halsted Street. Structured is working to pay off the loan and bring in new partners, including former General Growth Properties Inc. CEO John Bucksbaum, to replace Commonfund but has yet to finalize a deal. A Structured executive was not immediately available Thursday.

RE|SOLUTIONS completes Receiver Sale of Akron industrial building in only 16 days

While acting as Receiver/Property Manager during the foreclosure process of the Kennedy Business Center, a 170,000 sf industrial building located in Akron, Ohio, we collected offers from credible buyers, identified and recommended the highest and best offer and completed the Receiver Sale in only 16 days

RE|SOLUTIONS assumes management of Glenlake Professional Center

(Crain’s, September 22, 2011) – Glenview medical office heads back to lender  A receiver says the owner of a five-story Glenview medical office building has arranged a deed-in-lieu of foreclosure with its lender after being hit with a foreclosure suit over a $10.6-million loan. RE Solutions has been appointed receiver of Glenlake Professional Offices, an 83,908-square-foot building two blocks from Glenbrook Hospital. The building, 3633 W. Lake Ave., is 73% occupied, down from 93% just five years ago, according to a loan report from Bloomberg L.P. A venture led by Marc A. Harris, president of Chicago-based Summit Real Estate Investments Inc., paid $13.1 million for the property in 2006 and financed the purchase with a loan from UBS A.G. that was later sold to investors in a commercial mortgage-backed securities offering. Mr. Harris’ venture was hit with a foreclosure suit in May.

RE|SOLUTIONS appointed for Evergreeen Plaza

(Crain’s, August 25, 2011) – Receiver appointed for foreclosed Evergreen Plaza  Chicago-based RE Solutions EMR LLC has been named the court-appointed receiver for the south suburban Evergreen Plaza shopping center, which was hit with a foreclosure suit last month. The 800,000-square-foot mall is 57% leased and anchored by Carson Pirie Scott & Co., according to a release. A $20-million loan on the property is also for sale; bids were due last Friday, said RE Solutions Principal S. L. Van der Zanden. “We’re waiting for that to come to conclusion,” he said. “In 30 days we’ll have some clear direction on what’s going to happen.”

S.L. van der Zanden and RE|SOLUTIONS appointed receiver for a northwest Chicago suburban apartment portfolio

RE|SOLUTIONS was named receiver on this 228 unit apartment portfolio located in Rockford and Belvidere, Illinois.