Pegasus completed three recent retail property transactions across the Chicago metropolitan area.
Valued at nearly $8 million and spanning multi-tenant retail, single-tenant net lease, and structured finance, these closings underscore the firm’s ability to navigate complex transactions nationwide, across diverse asset classes and within premier markets.
Chatham Plaza
8301 South Holland Road | Chicago, IL
Pegasus, in cooperation with ParaSell, Inc., advised the seller in the sale of Chatham Plaza, a fully occupied four-tenant strip center positioned within Chatham Market, a dominant 420,000-square-foot Lowe’s-anchored shopping center. The center is leased to a diverse mix of national tenants including Athletico, H&R Block and UPS. Located at the highly visible corner of 83rd & Holland Rd. with direct access to I-94, Chatham Plaza sits in a major corridor with over 1 million square feet of surrounding retail.
Transaction Summary:
- Property Type: Multi-Tenant Retail
- Pricing: $3,200,000 / 8.54% Cap Rate
- Size: 9,610 square feet
- Buyer: Private Fund Based in Texas
- Seller: Private Fund Based in Chicago
- Pegasus Role: Investment Sale Advisor to Seller
- Pegasus Advisor: Katherine Weaver
- Occupancy: 100% at Closing
- NOI Profile: 86% Corporate Credit Tenancy; Weighted Average Lease Term (WALT) ~6 years
Starbucks Drive-Thru
2575 Ogden Avenue | Aurora, IL
Pegasus represented its client in the acquisition of a 1,925-square-foot freestanding Starbucks drive-thru located in Aurora, IL. Built in 2007, the property underwent a $900,000 renovation by Starbucks in November 2024 and is strategically positioned within a dense corridor anchored by Rush Copley Medical Center, major schools and dense residential neighborhoods.
Transaction Summary:
- Property Type: Retail single-tenant net lease (STNL)
- Tenant: Starbucks Corporation
- Pricing: $1,740,530 / 6.84% Cap Rate
- Size: 1,925 SF with Drive-Thru
- Pegasus Role: Investment Sale Advisor to Buyer
- Pegasus Advisor: Jeremy Benloulou
- Buyer: California-Based Private Investor
- Seller: Illinois-Based Private Investor
- Lease: Recently-Extended 10-Year Term; NN structure
Refinancing: Multi-Tenant Retail, Home Depot Outparcel
South Elgin, IL
Pegasus Capital Markets arranged a cash-out refinance on behalf of its client for a three-tenant retail property 100% leased to Buffalo Wild Wings, Miller Dentistry and Coffee Haus. Located along South Elgin’s primary retail corridor, the property is prominently situated as an outparcel to South Elgin Crossing – a 265,000-SF open-air shopping center anchored by Home Depot, Best Buy, Michaels, HomeGoods, PetSmart and La-Z-Boy. The loan features a step-down prepayment schedule, with the penalty fully waived in the event of a sale or refinance with the current lender, providing maximum flexibility for the borrower. Despite relatively short lease terms, Pegasus was able to secure favorable terms by leveraging its lender relationships and structuring a deal aligned with the client’s investment strategy.
Transaction Summary:
- Loan Amount: $3,000,000
- Cash Out: $650,000
- Rate / Term: 6.40% fixed, 5 years
- Amortization: 30 years
- Prepayment: Step-Down (3/1/1/0/0)
- Pegasus Role: Debt Advisor to Seller
- Pegasus Advisor: Jason Blau
- Lender Profile: National Credit Union
