Secondary market center operator Chase Development announces two buys

Chase Properties, owner-operator of high-quality community centers in 21 states, has expanded its presence in the Midwest with the acquisition of two centers in Wisconsin and Illinois.

One is Deertrace Kohler, a power center about 50 miles north of Milwaukee near the shores of Lake Michigan. Tenants at the 171,366-sq.-ft. property include TJ Maxx, HomeGoods, Sierra, Ulta, and Five Below, which are shadow-anchored by Target and Home Depot.

The town of Kohler—home of the Kohler Company, a leading plumbing products supplier—is a leading leisure destination. Its century-old, five-star American Club Resort Hotel draws a high-end clientele, as do its two championship golf courses--Blackwolf Run and Whistling Straits--where the United States team won the Ryder Cup by a score of 19-9 in 2021.

Chase’s second purchase was Mattoon Marketplace off of I-57 in Mattoon, Ill., halfway between Indianapolis and St. Louis. The 73,226-sq.-ft. center is 95% occupied by tenants that include Hibbett Sporting Goods, PetSmart, Buffalo Wild Wings, and Dollar Tree.

Chase ranks it as the premier shopping center in Mattoon, which hosts an annual summer event called Bagelfest that draws crowds with carnival rides and a music festival that this year featured singer Colton Dixon and a Country Comeback Tour.

“These acquisitions are terrific additions to our portfolio of dominant open-air shopping centers in secondary and tertiary markets,” said Chase Co-CEO Andy Kline. “They are great examples of our ability to execute on attractive opportunities in a challenging capital markets environment.”

For 50 years, Beachwood, Ohio-based Chase has followed a strategy of acquiring and improving top-performing centers in smaller markets. In recent years, it has moved into multifamily residential projects and distribution centers. It currently owns some 3 million sq. ft. of industrial space.