Colliers Chicago’s Peter Block, Tyler Hague and Lauren Stoliar, represented First Street Development, LLC, in the sale of 1st Street Development, the trophy mixed-used development in the heart of picturesque St. Charles, IL. The project took 15 years to complete and is the epicenter of the city’s master planned downtown. Tabani Group, LLC, owners of several similar projects in the Chicagoland area, was the buyer.
“This was a truly one-of-a-kind opportunity to acquire a stabilized investment with upside in a premier Chicago suburb,” said Block. “It’s an ideal site that supports multiple uses and an unrivaled location for investment returns and national exposure.”
The asset anchors the city and consists of approximately 92,000 square feet of retail and office space and a 16-unit apartment complex across five buildings: The Plaza, a two-story retail and office building; Ale Building, a four-story office and retail building; River Loft, a five-story office, retail and condo building; Sterling Building, a five-story office and condo building; and Building 7A, a three-story retail and residential building. It stretches a full block on both sides of 1st Street from the Fox River to Illinois Street which has become a 24/7/365 destination.
The development has an enviable tenant mix of local and national brands that provide residents and visitors with day-to-day needs as well as multiple social and dining destinations. Notable tenants include Kilwin’s, Gia Mia, Alter Brewing, XSport Fitness, Coldwell Banker, Ohio Farmers Insurance and Regus, among others, which add to the asset’s unique positioning in the market.
It is 97% leased.
This is just the latest in a string of local sales Block and his team have arranged in 2021. Other similar projects include the double corporate guaranteed Red Lobster restaurant located at 902 Commons Dr. in Geneva; the 7,860-square-foot retail strip center at 570-586 East Devon Ave. in Elk Grove Village; 19,067 square feet of land at 1600 S. Dearborn in Chicago – a ground lease parking lot for Mariano’s grocery store; the single tenant, and a net leased Kroger grocery store at 301 E. McKinley Rd. in Ottawa.
