JLL Capital Markets announced today that it has closed the $20.5 million sale of Wind Point Shopping Center, a 274,282-square-foot, grocery-anchored, open-air retail asset located within the Chicago MSA in Batavia, Illinois.
JLL represented the seller, KIMCO, and PMAT acquired the asset, marking it’s second on the Randall Road corridor in high-income suburban Chicago.
Built in 1999, The 72.5% occupied community center is anchored by Aldi and Hobby Lobby. Additional tenants include Kohl’s, Office Max, Petland, Chili’s, Mattress Firm, AT&T and Swordfish Sushi, and the Weighted Average Tenure is 22 years. The acquisition also presents value-add opportunities for the new owner, such as leasing the vacancy and developing additional out parcels directly fronting Randall Road at the same intersection as Chick-fil-A and the newly constructed Raising Cane’s, Starbucks and Chipotle.
Situated at 201 N. Randall Road, the asset is within three miles of 500,000 square feet of Class A retail and has store front visibility with a 40,000 VPD on Randall Road. Within five miles of the property is a population of 112,094, a daytime population of 75,847 and an average household income of almost $150,000.
The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Director Amy Sands and Clinton Mitchell and Director Michael Nieder.
