DPI Retail Acquires Grocery-Anchored Willow Creek Center in Glenview, Illinois in Chicago Market Debut
DPI Retail has acquired Willow Creek Center, a grocery-anchored regional shopping center in Glenview, Illinois, in what the buyer described as its first investment in the Chicago market. Seller Sperry Equities was represented by Mid-America Real Estate Group's Investment Sales Group in the transaction, which closed in early September 2026.
Property Overview: Willow Creek Center
Willow Creek Center spans approximately 181,120 square feet across four retail buildings on roughly 18.31 acres along Willow Road in Glenview, a North Shore suburb of Chicago. The center is shadow-anchored by a Target and features a tenant roster that includes Aldi, Kohl's, Michaels, Planet Fitness, Northwestern Medicine, Chipotle, Jersey Mike's, and Panda Express, among others. The property's four buildings include an 86,791-square-foot Kohl's built in 1998, a 54,309-square-foot inline center at 2211 Willow Rd built in 2000, a 33,128-square-foot section at 2301–2351 Willow Rd also built in 2000, and a 6,892-square-foot pad building at 2145–2149 Willow Rd built in 2002.
The center draws from a trade area of more than 74,100 residents within a three-mile radius, with an average household income exceeding $217,800 and a median home value of approximately $633,400, according to Mid-America Real Estate Group.
The property was 87% leased as of 2021, when Sperry Equities acquired it from Heitman for $26.2 million — approximately $144 to $145 per square foot. The center was subsequently marketed in 2026 at an asking price of $34.5 million, reflecting an 8.25% cap rate and approximately $190.48 per square foot. That asking price represents a reference point for valuation in this corridor; the final sale price was not included in the announcement.
DPI Retail Enters Chicago With Willow Creek Acquisition
Fred Vitt, President of DPI Retail, cited his prior experience in the Chicago market as a factor in the firm's decision to enter through this acquisition.
"Chicago is a market I know very well from my years at General Growth, so I am particularly excited for DPI Retail to make our first investment here," Vitt said. "We have been looking for the right opportunity to enter the market, and Willow Creek Center was a natural fit for our portfolio. We view this acquisition as the beginning of our presence in Chicago and look forward to expanding our footprint in the market."
Jonathan Khoury, Vice President of Real Estate for DPI Retail, pointed to the property's demographics and tenancy as key drivers of the acquisition decision.
"Willow Creek Center presented a compelling opportunity to acquire a high-quality retail asset in one of the strongest trade areas in the Chicago market," Khoury said. "The combination of affluent demographics, strong national tenancy, and high barriers to new retail development provides a durable foundation for the property. We believe the center is well positioned for long-term performance and will be a strong addition to the DPI Retail portfolio."
Mid-America Real Estate Group Brokers the Deal for Sperry Equities
Rick Drogosz, Principal; Ben Wineman, Principal and Managing Broker; and Patrick Corrigan, Senior Associate — all with Mid-America Real Estate Group's Investment Sales Group — served as exclusive listing brokers on behalf of Sperry Equities.
Mid-America Real Estate Group focuses exclusively on retail property in the Midwest, with full-service offices in Illinois, Michigan, Minnesota, and Wisconsin. The firm reported $2.6 billion in total consideration value of leasing and investment sales transactions in 2025 and leases and manages more than 50 million square feet of retail space.
Market Context: Grocery-Anchored Retail on Chicago's North Shore
The Glenview transaction reflects continued investor interest in necessity-based, grocery-anchored retail in high-barrier suburban markets. Willow Creek Center's tenant mix — spanning grocery, health and wellness, fast-casual dining, specialty retail, and medical services — represents the type of diversified, service-oriented lineup that has drawn capital to well-located suburban retail centers. The North Shore submarket's above-average household incomes and limited opportunities for new retail development have reinforced the positioning of established centers like Willow Creek as durable assets in the Chicago retail landscape.
DPI Retail's entry into Chicago through this acquisition signals the firm's intent to build a presence in the market, with Vitt indicating the company is actively seeking additional opportunities in the region.
Sources
Mid-America Real Estate Group — Mid-America Executes Sale of Willow Creek Center