Armco Properties has retained Colliers to sell its real estate portfolio located throughout Chicagoland — and it’s attracting attention across the U.S.
Consisting of 23 unanchored, multi-tenant retail strip centers totaling 351,000 square feet; three land sites; and one multi-tenant industrial building, the portfolio is one of the largest to hit the market in years.
Colliers Chicago Executive Vice President Peter Block is overseeing the disposition and said Armco’s portfolio is unique for several reasons. Currently (and historically) 90% leased, Colliers noted that this is the first time many of the buildings have been on the market in thirty or forty years, exemplifying their stability.
“This is a generational sale,” Block explained. “The portfolio is a collection of small-community centers that have operated for tens of years,” Block explained. “Everyone seems to have a connection to them.”
It’s also an opportunity to establish a significant footprint in Chicago with a single transaction, though the portfolio can be divided. Block noted that it’s likely that the land sites and industrial building will sell separately from the retail properties.
The tenant mix is varied and ranges from national chains to local service and restaurant outposts.
The retail properties are:
- 100-134 N. Kennedy Dr. in Carpentersville, IL
- 1700-1718 and 1758-1776 W. Algonquin Road in Mt Prospect, IL
- 1720-1740 W. Algonquin Road in Mt. Prospect, IL
- 2823-2855 W. Dundee Road in Northbrook, IL
- 3244-3260 W. 55th St. in Chicago
- 6823-6837 S. Grand Ave. in Hammond, IN
- 1201-1213 N. Elmhurst Road in Prospect Heights, IL
- 1707-1723 E. Central Road in Arlington Heights, IL
- 845-875 Sanders Road in Northbrook, IL
- 1604-1618 Sibley Blvd. in Calumet City, IL
- 12201-12217 S. Pulaski Ave. in Alsip, IL
- 100-118 N. Barrington Road in Streamwood, IL
- 501-541 W. 87th St. in Naperville, IL
- 104-130 Washington Ave. in Highwood, IL
- 8258-8290 S. Janes Ave. in Woodridge, IL
- 2241-2311 Maple Ave. on Downers Grove, IL
- 4736-4756 W. Cal Sag Road in Crestwood, IL
- 19102-19140 88th Ave. in Mokena, IL
- 3207-3225 St. Charles Road in Bellwood, IL
- 5900-5910 N. Lincoln Ave. in Morton Grove, IL
- 1039-1047 25th Ave. in Bellwood, IL
- 310-370 W. Indian Trail in Aurora, IL
- 2015-2027 Ogden Ave. in Downers Grove
The portfolio is expected to trade for around $60 million.
