Colliers Peter Block, along with Rachel Patten, has arranged the sale of seven multi-tenant retail properties and one industrial building, a portion of a 26 building, retail real estate portfolio located throughout the Chicago metro area, for $10.5 million. The close is part one of a multi-part transaction. The seller was a family office and the buyer is Indianapolis-based Arnold Meyer & Co.
The properties sold are:
- 4800-4824 West 129th St. in Alsip, IL
- 1700-1718 W. Algonquin Road in Mt. Prospect, IL; 1758-1776 W. Algonquin Road in Mt Prospect, IL; 1720-1740 W. Algonquin Road in Mt. Prospect, IL
- 3244-3260 W. 55th St. in Chicago
- 6823-6837 S. Grand Ave. in Hammond, IN
- 12201-12217 S. Pulaski Ave. in Alsip, IL
- 4736-4756 W. Cal Sag Road in Crestwood, IL
- 1604-1618 Sibley Blvd. in Calumet City, IL
One of the largest portfolios to hit the Chicago market in years, Block and his team were marketing the assets which included 22 unanchored, multi-tenant retail strip centers totaling 351,000 square feet; three land sites; and one multi-tenant industrial building. The properties stretch from Chicago’s northern and western suburbs down to Northwest Indiana. The tenant mix is varied and ranges from national chains to local service and restaurant outposts, a reflection of the assets’ invaluable positioning in their respective neighborhoods. They were approximately 90% leased at close.
Block expects to close on the remaining retail properties in the portfolio this summer.
