CBRE’s Chicago office recently represented Cannon Commercial Management in the sale of Jeffrey Plaza, a 113,303-square-foot retail center at 7131 S. Jeffrey Boulevard in Chicago, to local grocer Shop and Save Market.
“This is a fantastic opportunity for Shop and Save to anchor an important retail center in a dense, well-established and burgeoning south Chicago neighborhood that will welcome a quality food establishment that offers fresh produce, meats and other daily necessities,” said Keely Polczynski of CBRE, who represented Cannon in the sale.
Located in Chicago’s densely populated South Shore neighborhood, which borders Hyde Park, Shop and Save purchased the property and will fill the anchor space that was vacated by Dominick’s. The property has maintained all of its small-scale retailers, demonstrating its strength. It boasts long-term leases with Chase, H&R Block, Papa John’s and more.
The South Shore neighborhood has benefited from a lot of positive activity lately, most notably the planned construction the Obama Presidential Library, which will open in 2020 and be a huge draw to the South Shore/Hyde Park neighborhood for both locals and tourists alike.