Millennium Properties R/E recently brokered the sale of a 15,500-square-foot neighborhood retail center in Lombard, Illinois, for $1.2 million.
Located at 418-436 S. Main St., Colonial Commons is largely leased to a mix of local and national tenants. Over the last few years, a number of capital improvements have been made to the center, including an updated façade, new monument sign, windows, lighting and awnings. Two of the units were vacant at the time of sale, offering the new owner the opportunity to add value to the center.
“Retail in the western suburbs remains a very sought-after asset class, especially since the market has steadily improved for over two years,” said Brad Thompson, vice president of Millennium Properties. “With its lease-up potential, the Colonial Commons is a great opportunity for the new owners to add value while capitalizing on the sold in-place income.”