Colliers International Chicago’s Peter Block recently represented SPS Citizens Net Lease Real Estate Fund in the sale of 20900 S. Western Avenue in Olympia Fields, IL, to CSP Delaware LLC.
The 5,561-square foot, freestanding building sits on 1.8 acres and includes a drive-thru. Located in a heavily traffic retail corridor and adjacent to the Walmart Supercenter, it is home to U.S. Bank through July 2022.
New ownership will re-tenant the property next summer.
“This was an excellent covered land play,” said Block. “The investment set up provides for short-term rental while the new owner searches for a new tenant.”
This is just the latest in a string of local sales Block has arranged in 2021. Others 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, net leased Kroger grocery store at 301 E. McKinley Rd. in Ottawa; and the 3,600-square-foot space (previously used for fast casual dining) at 1090 Landmeier Rd. in Elk Grove Village.
