The Colliers Net Lease Investment team of Chicago’s Peter Block and Rachel Patten recently represented Armco Properties in the sale of two Chicago area strip centers: 19102-19140 88th Ave. in Mokena and 8258-8290 S. Janes Ave. in Woodridge to a private investor. The properties traded at close to asking price, which was $6.8 million.
19102-19140 88th Ave., Mokena
The 16,482-square-foot property features food and necessary service tenants. Five of the tenants have been on-site since 2015 while the sixth has been there since 2003 when the property was developed. The strip mall sits just south of I-80 and Harlem Ave. and more than 60,000 residents live and work within a three-mile radius. It is currently 100% leased.
8258-8290 S. Janes Ave., Woodridge
Located just west of the I-355 and 83rd St. intersection, the strip mall is anchored by a food mart and service-oriented tenants. It benefits from a strong demographic profile with more than 88,000 residents within a three-mile radius.
Both strip malls offered long-term tenancies with most tenants at below market rents.
“This was a terrific opportunity to acquire two well positioned assets with strong investment fundamentals,” said Block, an Executive Vice President with Colliers Rosemont Office.
This is the third property sale Colliers has arranged on behalf of Armco this year. In April, Block and Patten represented the shopping plaza operator in its sale of Maple Plaza in Downers Grove to a private investor for $5.8 million.
