Investor doubles money on Illinois center

In 2013, Newport Capital Partners paid just over $31 million for Danada Square East, a 200,000-sq.-ft. center in Wheaton, Illinois, anchored by a Dominick’s supermarket. Yesterday, Newport sold the property for $63 million.



“We felt it was an extremely good product in a good location. The problem was the grocer was challenged,” Newport Managing Director Derrick McGavic told Crain’s Chicago Business. “We had a strong feeling that over our hold period we would get control of that space and we would be able to re-lease it.”



Fate could not have intervened more on cue for Newport when, late in 2013, Dominick’s announced it was closing all 72 of its Chicagoland stores. Newport filled the gap with a Whole Foods, which was followed by Petco, Sierra Trading Post and nearly 19,000-sq.-ft. Charter Fitness gym.



Another Chicago-based investment firm, LaSalle Investment Management, made the purchase, which was brokered by Mid-America Real Estate Corp.

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