Joseph Castrogiovanni, Jr., John A. Castrogiovanni, and Fran Knutson of JTJ, LLC sold the 122,092-Square-Foot Brynwood Square Neighborhood Shopping Center located at 2615 Mulford Rd, Rockford, Ill to Midland Atlantic out of Cincinnati, Ohio for $9,850,000 or $80.68 per square foot; and a CAP rate of about nine percent.
The buyer took legal title as “MO Brynwood, LLC.” John I. Silverman of Midland Atlantic took out a mortgage for $7,530,000 to finance the purchase of this shopping center. Dan O’Neill, senior vice president, from Cawley Chicago confirmed that he represented both the seller and the buyer. Marifran Georgis, the attorney for the sellers, verified the sale of the shopping center and also explained that the sellers are all in their eighties, and that retirement was the motivation for selling the property. Since the property was in excellent condition, the due diligence period took sixty days, and escrow took only thirty days.
Clayton Riney, who is in charge of leasing for all of Midland Atlantic properties, verified that Midland purchase.
Brynwood Square contains 122,092 square feet of leasable area and is situated on approximately 10+/- acres of land. The subject property is divided into sixteen inline tenant spaces which are anchored by a Hilander Food Store (Kroger). Hilander accounts for approximately 60 percent of the net rentable area of the center and is locked in a 15-year lease. At the time of sale, Brynwood Square was 96 percent leased.
The owners of Brynwood had been trying to sell this property since 2008. During that year, the property was listed with Marcus & Millichap for $10,750,000. In 2009, Brynwood Square was listed with Mid-America. Dan O’Neill had the property on the market for about a year since October of 2010.
