Next Realty, LLC and its affiliates have completed the acquisition of 4600 Plaza, a 31,917-square-foot urban, in-fill retail center located on Harlem Avenue in Harwood Heights, Ill. The seller was Joseph Real Estate Services. The purchase price was not disclosed.
4600 Plaza is located at 4600 – 4634 North Harlem Avenue on a rectangular, approximately 2.0 acre land site. Developed in 1988, the L-shaped, single story center features spaces for 18 retailers.
One of the greatest attributes of the center is its location in the heart of a retail trade area that includes Harlem-Irving Plaza and Norridge Commons. These properties have more than one million square feet of retail space. That space is 99 percent leased.
“This acquisition is representative of the type of opportunities Next actively seeks and has been successful executing for years,” said Alex Katz, Director of Acquisitions, Next Realty. “Ultimately the center needs some cosmetic upgrades which likely will coincide with an initiative to improve the overall occupancy rate and tenant mix of the center, as well as to increase certain rental rates which are below market levels.”
Upon acquisition the retail property was approximately 95 percent leased. The Property is occupied by a mix of national, regional, and local small shop tenants. The largest space occupied by Plato’s Closet, a national secondary apparel goods store that buys and sells gently used teen clothing and accessories. Additional tenants include Once Upon a Child, a children’s store that sells gently-used clothes, accessories, furniture, and other baby and child related goods.