JLL Capital Markets completed the $18.75 million sale of Hawthorne Commons, a 48,942-square-foot, Class A mixed-use/medtail property anchored by Northwestern Medicine in Vernon Hills, Illinois.
JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset.
Completed in 2016, Hawthorne Commons is a two-story building featuring a mix of medical, retail and restaurant offerings. The property is 88% leased to eight tenants, including anchor tenant Northwestern Medicine, T-Mobile and Uncle Julio’s Mexican Restaurant.
The property sits on a 2.86-acre site at 850 N Milwaukee Ave. in an affluent North Shore community of Chicago where the average household income is approximately $153,000. Hawthorne Commons is positioned at a highly visible intersection seeing more than 61,000 cars per day and is within a dominant retail corridor of Vernon Hills.
Within a one-mile radius of Hawthorn Commons there is more than four million square feet of institutionally owned Class A retail, including Mellody Farms and Hawthorn Mall, which see more than six million visitors per year and drive exceptional traffic to the property. The immediate area has also seen a surge of residential development with close to 1,000 new units being delivered or under construction.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Alex Sharrin, Managing Director Keely Polcyznski and Senior Director Michael Nieder.
