Downers Grove, Ill. — Marcus & Millichap has brokered the $2.3 million sale of a BP-occupied gas station property in the southwest Chicago suburb of Downers Grove. Timothy Nichols, Nicholas Kanich and Mitch Grant of Marcus & Millichap represented the seller, a locally based limited liability company. Nichols secured the buyer, also a locally based limited liability company.
Chicago — The Jaffe Cos. has received a $40 million loan for the refinancing of Edens Collection, a retail center located in Chicago. Built in 2020, the property comprises 142,740 square feet and was 94 percent leased at the time of financing. Keith Largay and Christopher Knight of JLL Capital Markets secured the five-year, floating-rate loan through Pacific Life Insurance Co. on behalf of the borrower. Target anchors the center, which is home to other tenants including Ross Dress for Less, Starbucks Coffee, LA Fitness, Five Below, Chipotle Mexican Grill, …
Chicago — Mid-America Real Estate Corp. has brokered the sale of Huron & Wells, a 17,343-square-foot retail property located in Chicago’s River North neighborhood. A newly renovated CVS/pharmacy anchors the property, which is home to tenants including aesthetic dermatology clinic Laser Away, Japanese restaurant Cocoro and fitness concept Vibez Fit. Joe Girardi and Emily Gadomski of Mid-America represented the Chicago-based private seller in the transaction. Josh York of Syndicated Equities represented the California-based 1031 exchange buyer.
Springfield, Ill. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc.
Chicago — Shopping center vacancy reached a record low during the fourth quarter of 2022, according to a report by Cushman & Wakefield. Vacancy rates declined 20 basis points quarter over quarter to 5.7 percent. Of the 81 markets tracked by the firm, 66 experienced positive net absorption. Chicago saw the highest net absorption with 1 million square feet, followed by 788,000 square feet in Phoenix; 574,000 square feet in Atlanta; 422,000 square feet in Denver; 397,000 square feet in Washington, D.C.; 392,000 square feet in Dallas/Fort Worth; and 353,000 …
Batavia, Ill. — Kimco Realty has sold Wind Point Shopping Center, a 274,282-square-foot retail center located in Batavia, a western suburb of Chicago. PMAT acquired the property for $20.5 million. Amy Sands, Clinton Mitchell and Michael Nieder of JLL arranged the transaction on behalf of Kimco. Built in 1999, the retail center was 72.5 percent occupied at the time of sale. Aldi and Hobby Lobby anchor the property. Other tenants include Kohl’s, Office Max, Petland, Chili’s, Mattress Firm, AT&T and Swordfish Sushi.
Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The properties have roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, California-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.
South Chicago Heights, Ill. — SVN Chicago Commercial has arranged the sale of American Plaza, a shopping center located in South Chicago Heights. Karen Kulczycki of SVN arranged the $3.5 million transaction. Comprising 13 units, the property was 94 percent leased at the time of sale.
Elgin and Orland Park, Ill. — Marcus & Millichap has arranged the sale of two retail centers located in the Chicago suburbs of Orland Park and Elgin in transactions totaling $27 million. The first property, located in Orland Park, sold for $17.6 million. The center spans 20,732 square feet and includes three freestanding, single-tenant net-leased buildings and one multi-tenant building. The property was fully leased at the time of sale to tenants including BJ’s Brewhouse, Raising Cane’s and Smashburger. The second property, Galleria of Elgin, features two buildings totaling 24,000 …
Wheeling, Ill. — Structured Development and Burnt City Brewing have opened a second District Brew Yards location in the Chicago suburb of Wheeling. Occupying the former Ram Restaurant & Brewery, which shuttered in 2019, the 11,668-square-foot space features five breweries: Burnt City Brewing, Around the Bend Beer Co., Casa Humilde Cerveceria, Twisted Hippo Brewing and Histrionic Brewlab. Guests can sample a range of beers and are charged by the ounce with a cashless system. Guests can also enjoy barbecue from Lillie’s Q, fried chicken and fish from Salt & Scratch …