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Portillo Purchases Oswego Shopping Center

Jun 26, 2015 12:48PM ● Published by Steven Jack

Oswego's Dick's Sporting Goods is one of the anchors of the Prairie Market Shopping Center now owned by hot dog mogul Dick Portillo.

Dick Portillo, the founder and former owner of Portillo's Hot Dogs chain, has purchased one of Oswego's largest retail shopping centers. 

According to a report in Chicago Real Estate Daily, Portillo purchased the Prairie Market Shopping Center for $24 million at the beginning of May from  private-equity firm ValStone Partners. Prairie Market includes Best Buy, Kohl's, Dick's Sporting Goods and several out-lots fronting Route 34.

With the purchase, Portillo also will take over undeveloped land where more stores could be built, the report said. Future openings at Prairie Market include discount retailer 5 Below and DSW Shoe Warehouse, both of which could open by August.

The most recent openings at Prairie Market include Pier 1 Imports, Potbelly's Sandwiches and Noodles and Company.

The former Lowe's building was not included in the sale, said the village's economic development director Vijay Gadde. Hobby Lobby opened last year in a portion of the space left vacant with the closure of Lowe's in October 2011. That building is owned by Oswego Partners, which is based in Indiana.

The remainder of the former Lowe's building not occupied by Hobby Lobby has been subdivided into two remaining properties. Gadde said various retailers have shown interest in those locations in recent months, but no leases have been signed. 

Since selling his hot dog empire last year, Portillo has spent about $75 million on property in Chicago and Arizona.

TO READ THE ENTIRE CHICAO REAL ESTATE DAILY REPORT, CLICK HERE.
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