Centennial Earns Management and Leasing Contract for The Shops at North Bridge
Real Estate Owner/Operator Expands Already Strong Chicagoland Presence with New Management Services Agreement
DALLAS – June 15, 2023 – Centennial, a retail real estate owner and operator with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners, announced today that it has been awarded the management and leasing contract for The Shops at North Bridge, a sprawling six-city-block mixed-use destination in the heart of Chicago’s famed Michigan Avenue district. Under the agreement, which took effect today, Centennial will provide a full spectrum of management services, including property management, marketing, leasing, accounting, and construction management for the property.
“Centennial’s experience with premier lifestyle assets coupled with our established footprint with a nearby regional office and two active mixed-use retail developments in the Chicago area, we are well positioned to build on the success of this incredible shopping and dining destination, taking it to the next level,” says Whitney Livingston, Centennial’s president. “And with our recent acquisition of the Bayer operating platform, we are poised to help partners and clients manage complex retail environments like The Shops at North Bridge so they can capitalize on market growth and create additional value for their retail partners and investors.”
Comprised of 670,000 square feet of retail, restaurant, and office space within six city blocks, The Shops at North Bridge takes full advantage of its famed Magnificent Mile location in the heart of downtown Chicago, delivering access to more than 40 national retailers, including one of the top-performing Nordstrom stores in the country and an array of chef-driven restaurants. The property’s addition to Centennial’s growing portfolio of owned and managed properties further expands the firm’s footprint in the midwestern Great Lakes region, which already includes Hawthorn and Fox Valley, each currently undergoing significant redevelopments. It also positions The Shops at North Bridge to take advantage of the market experience of Centennial’s regional office and experienced Chicagoland leasing and property management teams.
From strategic merchandising to innovative experiential marketing, customized placemaking solutions, community connections and digital solutions that seamlessly merge the physical and digital shopping experience, Centennial has a unique vision for the future of retail real estate that has led to the successful repositioning of retail properties in key markets from coast to coast. The robust services platform Centennial has built – including an in-house property management, marketing, leasing, accounting and development team – perfectly positions the firm to help retail real estate owners navigate today’s complex retail market while also planning for future value creation.
Other notable properties that Centennial has recently been tapped to manage include The Shops at Montebello in Montebello, California; Pacific City in Huntington Beach, California; Northridge Mall in Salinas, California; Antelope Valley Mall in Palmdale, California; The Promenade Shops at Saucon Valley in Center Valley, Pennsylvania; and MarketFair in Princeton, New Jersey.
About The Shops at North Bridge
The Shops at North Bridge is an iconic four-story shopping center encompassing six sprawling blocks in the heart of Chicago’s Michigan Avenue retail corridor. With a collection of more than 40 notable national retail brands and chef-driven restaurants, The Shops at North Bridge has been carefully merchandised as a destination that delivers both everyday and luxury retail needs as well as the area’s best culinary experiences. Boasting one of the top-performing Nordstrom stores in the country, The Shops at North Bridge has become a style hub with retailers like BOSS, Giuseppa Collection, Kiehl’s, M·A·C, and L’Occitane en Provence, as well as restaurants and eateries that include the country’s largest Eataly, Eddie V’s Prime Seafood, Joe’s Seafood & Stone Crab, and Yardbird. To learn more, visit https://www.theshopsatnorthbridge.com.
About Centennial
Centennial is a retail real estate owner and operator with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners. With over 300 employees nationwide, the firm now operates 22 million square feet of mixed-use destinations in 15 states. Since 1997, Centennial has played a pivotal role in shaping the evolution of American retail by creating a superior multi-faceted shopping experience with properties that serve not only as a place of commerce, but as a place of community. For more information, visit CentennialREC.com.
Media Contacts:
Deborah Blackford
Blackford & Associates
714-280-8765
Karen Franse
Blackford & Associates
386-649-1887
Carmen Herlihy
Blackford & Associates
646-770-2623