Hanley Investment Group Real Estate Advisors announced that the firm arranged the sales of three multi-tenant retail properties in Chicagoland to three out-of-state private investors in separate transactions. The combined value of the three separate transactions totaled more than $10 million and 76,357 square feet.
In the first transaction, Hanley Investment Group’s Vice President Dylan Mallory and Executive Vice Presidents Jeff Lefko and Bill Asher, in association with ParaSell, Inc., represented the seller, a private investment group based in Chicago, in the sale of Lakewood Springs Commons in Plano, Illinois (Kendall County). Built in 2007, Lakewood Springs Common is a 26,300-square-foot, multi-tenant retail center located on 5.38 acres at 200-270 Mitchell Drive. The property was anchored by a successful daycare operator and is located within an hour’s drive of downtown Chicago. The buyer was a private investor based in New Jersey and was represented by Greg Cline of The Cline Company based in Corona del Mar, California. The sale price was $3,050,000.
In the second transaction, Hanley Investment Group’s Mallory, Lefko and Asher, in association with ParaSell, Inc., represented the seller, a private investment group based in Chicago in the sale of Cedar Center in New Lenox, Illinois (Will County). Built in 2007, Cedar Center is a 22,370-square-foot, multi-tenant retail center located on 3.86 acres at 100-196 West Illinois Highway. The property featured several tenants with long-term operating history at the property and was anchored by Rosati’s Pizza and Key Autism. The buyer was a private investor based in Los Angeles, California and was represented by David Cendejas, a senior advisor at SVN Vanguard in Santa Ana, California. The sale price was $3,455,000.
In the third transaction, Hanley Investment Group’s Lefko and Asher, in association with ParaSell, Inc., represented the seller, Fortune Bank in Arnold, Missouri, in the sale of Bay Ridge Court in Waukegan, Illinois (Lake County). Built in 1991 and remodeled in 2020, Bay Ridge Court is a 27,687-square-foot, multi-tenant retail center located on 2.26 acres at 422-484 North Green Bay Rd. The buyer was a private investor based in Los Angeles and was represented by Douglas Cole, senior associate at Marcus & Millichap, also based in Los Angeles. The sale price was $3,575,000.
Chicagoland is the third largest metropolitan statistical area in the U.S. and has approximately 10 million people. Chicago is home to over 400 major corporate headquarters and was the second most visited city in the nation with 60 million visitors in 2019.
Hanley Investment Group has sold $705 million in retail properties in the Midwest in the last 48 months.
