CHICAGO – U.S. Equities Realty recently announced that it has completed the sale of a Stony Island Plaza outparcel to Heartland Food Corp.. Based in Downers Grove, Ill., Heartland Food Corp. is among the largest franchisees of Burger King fast food restaurants and will develop the parcel into a new concept Burger King. The terms of the transaction were not disclosed.

Located at the intersection of 95th Street and Stony Island Avenue, Stony Island Plaza is an urban community shopping center encompassing approximately 175,000-square-feet of retail space. Stony Island Plaza, which is managed and leased by U.S. Equities Realty, includes such tenants as Jewel-Osco, Bank of America, KFC and A.J. Wright, among several others. Its central location in a densely populated neighborhood enables Stony Island Plaza to serve more than 240,000 Chicagoans who live within a 3-mile radius of the complex.

Under the direction of Chief Executive Officer Steve Wiborg, Heartland Food Corp. and its subsidiaries currently operates approximately 223 Burger King restaurants in four states throughout the Midwest. The company intends to transform the newly-acquired Stony Island Plaza outparcel, which is approximately .8 acres adjacent to Bank of America bordering 95th Street, into a new concept Burger King complete with more ambiance, comfort and convenience. The addition of plush comfort seating, a working fireplace, a high definition plasma television, convenient Wi-Fi access and warm, yet contemporary, colors and finishes will ensure this Burger King becomes a destination of choice for the surrounding neighborhood residents and businesses. The interior innovations will be equally matched by a completely revamped exterior that will boast an innovative and efficient double drive-thru as well as professional landscaping featuring an abundance of lush shrubs and trees as well as a roof-top garden. Construction has begun and the Burger King is scheduled to open before the year’s end.

“The sale of this outparcel to Heartland Food Corp. marks yet another significant milestone in U.S. Equities’ involvement with Stony Island Plaza,” said Robert Wislow, chairman, U.S. Equities Realty. “We’re proud that this development continues to serve the community with a wide-range of shopping and dining options and creates new job opportunities – two main objectives of the project.”

As the plaza’s developers, U.S. Equities Realty has been involved in virtually every aspect of Stony Island Plaza, from securing initial financing to overseeing construction to ongoing property management and the divestiture of retail space. U.S. Equities secured financing for Stony Island Plaza in the mid-1990’s through a Community Development Block Grant and City of Chicago Tax Increment Financing (TIF). When the main portion of the Plaza (phase I) was completed, the project was commended by former Alderman William Beavers who called Stony Island Plaza “the embodiment of a successful TIF project.”

In 2004, U.S. Equities Realty completed the sale of Stony Island Plaza to an institutional pension fund. Given U.S. Equities’ long-term involvement with Stony Island Plaza and property management expertise, the new owners secured the firm to oversee property management and leasing for the complex.