JLL Capital Markets has closed the sale of The Overlook at Oakbrook, a 54,120-square-foot, newly developed, triple-net-leased trophy retail center located in the western Chicago suburb of Oakbrook, Illinois.
JLL represented the seller, GW Properties, and procured the buyer, MetLife Investment Management.
Built from 2022 to 2023, The Overlook at Oakbrook features a mix of seven single-tenant and multi-tenant free standing buildings leased to market-leading occupiers in the restaurant, education, medical and services space. The 100% leased center is anchored by Guidepost, Lazy Dog, Panera and Vet Emergency Group. Additionally, the center is shadow-anchored by the top-performing Costco in Illinois.
Situated at 1715-1775 W. 22nd Street in DuPage County, The Overlook at Oakbrook is positioned at the corner of 22nd Street and Route 83 and features frontage along the highly trafficked Interstate-88. The property benefits from its location across the street from the No. 1 most visited regional mall in the U.S., Oakbrook Center, attracting 16.2 million visitors a year. Within a five-mile radius is an average household income of $152,000 and a population of 287,472. Additionally, visitors have convenient highway access to the center via the Central Triangle State Tollway, the East-West Tollway and Eisenhower Express way. The property is just 15 miles from Chicago’s CBD.
This transaction has been only the second sale of comparable scale and within the surrounding three-mile radius in the last 10 years.
The JLL Retail Capital Markets team was led by Senior Managing Director Alex Sharrin, Senior Director Michael Nieder, Associate John Detlaff and Analyst Noel O’Donnel.
