Upper-floor vacancy is the clearest near-term opening
The sale is not expected to displace Walgreens, which has more than a decade left on its lease and is expected to stay, according to Vince Rosanova, an attorney for buyer Will Kreuzer, in the Chicago Tribune’s report. JC Licht told the Tribune it has no plans to leave its Naperville location, and AT&T confirmed its Naperville store remains open.
The second floor has a different status: Hot Yoga Naperville left about 5,000 square feet above Walgreens in August after not renewing its lease, the Tribune reported, citing Patrick Skarr, a spokesperson for Kreuzer. Rosanova said finding a tenant for that space could be the only short-term change at the site.
What the city guidance says about future uses
The City of Naperville’s Downtown Plan guides building design, land uses and physical infrastructure downtown, but the city’s page does not specify which uses are allowed in this property’s upper-floor space. The guidance therefore does not establish whether that space could be used for purposes beyond retail. If future work requires a building permit, the city says non-residential and mixed-use buildings are subject to design review under its Building Design Guidelines.
The July sale included three properties
The roughly two-acre property at Main Street and Aurora Avenue changed hands in a deal completed at the end of July. Will Kreuzer, a principal with Evolve Commercial Real Estate, bought the three-property portfolio. CoStar data cited by the Tribune puts the total price at $7.25 million: 400 S. Main St. sold for $1.8 million, 419 S. Washington St. for $1.8 million, and 423 S. Washington St. for $3.5 million. Rosanova told the Tribune that near-term work would include parking-lot cleanup and landscaping; longer-term plans remain unclear.
Another downtown property sale this year brought a different stated plan: Ellsworth Partners bought the former Beidelman Furniture property at 239 S. Washington St. for $3.75 million in May and plans to lease it for retail or restaurant use, according to NCTV17.
