Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm specializing in retail property sales, announced that the firm has completed the sale of a 100%-occupied, 11,035-square-foot multi-tenant retail property shadow-anchored by a Home Depot in Chicagoland.
The sale price for Shoppes on Route 31 was $3,950,000.
Hanley Investment Group’s Senior Associate Brad Dessy, in conjunction with ParaSell, Inc., represented the seller, a private investor based in Arizona. The buyer, a private investor based in San Diego, California, was represented by Chuck Wasker of Colliers International, also in San Diego.
“We generated 13 qualified offers and secured an all-cash buyer based in Southern California along with a 35-day escrow period, and closed at 97% of the asking price,” said Dessy. “More than half of the offers were from California-based buyers, which demonstrates the continued outflow of California capital to other regions of the country like the Midwest.”
Located on a 1.03-acre parcel at 27 S. Western Avenue in Carpentersville, Illinois, the property features a complementary mix of national and regional tenants with internet-resistant products and services. Built in 2007, the six-tenant property consists of Panda Express, ATI Physical Therapy (one of the nation’s largest providers of physical therapy services with close to 900 locations across the U.S.), Game Stop, a dental office, SportClips and T-Mobile.
According to Dessy, five of the six tenants all exercised early renewals in 2018 and 2019, indicating their commitment to the center and sub-market, and over 88% of the tenancy has a lease term extending through 2025 or beyond.
Shoppes on Route 31 is located off the corner of Western Avenue (Route 31) and Huntley Road, which sees over 45,000 vehicles per day, and is situated in a dominant retail trade area. In addition to its proximity to The Home Depot, the property is surrounded by notable tenants including Jewel-Osco (Albertsons), LA Fitness, Panera, Denny’s, Chase, Auto Zone, Macy’s, Kohl’s, Sherwin Williams, and more.
Carpentersville is located in Kane County, the fifth most populous county in Illinois and home to over 260 international companies, with miles of fiber optic cable along Interstates 90 and 88 corridors, and less than 45 minutes to downtown Chicago. Chicago metro area is the third-largest market in the U.S. with nearly 10 million people, two international airports, and one of the biggest intermodal transportation hubs in the country