JLL Capital Markets announced today that it has secured the $44 million sale of Overlook at Oakbrook in Oak Brook, Illinois, a 2023 constructed unanchored strip center strategically located across from Oakbrook Center, one of the Midwest’s most trafficked super-regional malls.
JLL represented the seller, MetLife Investment Management, and procured the buyer, a real estate fund advised by Crow Holdings Capital.
Overlook at Oakbrook is a 52,876-square-foot retail center located at 1715-1775 W. 22nd St. in Oak Brook. The property sits at the intersection of 22nd Street and Route 83 with combined traffic counts of 86,900 vehicles per day and features 1,250 feet of frontage along 22nd Street. The property benefits from its proximity to Interstate 88, which carries 156,000 vehicles per day and provides visibility into the city center.
The seven-building retail center was completed in 2023 and is 94% occupied with 13 tenants including Lazy Dog Restaurant and Bar, Panera Bread, Veterinary Emergency Group and Guidepost Montessori. The property features 80% national tenancy with no single tenant representing more than 20% of income.
The asset benefits from its shadow anchoring to Costco, which draws 2.6 million retail consumers annually and ranks in the top 20% of Costco locations nationally. Overlook at Oakbrook sits across from Oakbrook Center, which generates more than $1 billion in annual sales and attracts 14 million visitors annually.
JLL Capital Market’s Investment Sales and Advisory team was led by Managing Director Michael Nieder, Director Brian Page and Senior Managing Director Alex Sharrin.
