Done Deals: Three-tenant retail building near Chicago sold for $2.7 million

Sunday, October 18, 2020

Three-tenant retail building near Chicago sold for $2.7 million

Alex Sharrin

CHICAGO, IL – JLL Capital Markets announced it has closed the $2.7 million sale of a three-tenant, net-leased, 5,000-square-foot retail building occupied by three essential retail tenants in the Chicago-area community of South Holland, Illinois.

JLL marketed the property on behalf of the seller, Glazier Corporation, a local Chicago developer. A private investor out of Southern California purchased the asset.

The property is anchored by Chipotle, a corporate wireless provider and JJ Fish & Chicken. Chipotle has been a tenant since the building was constructed in 2018, and all three tenants have been allowed to stay open during the COVID-19 pandemic due to their essential nature.

Situated on 0.85 acres at 549-559 East 162nd St., the building is at a signalized intersection and has excellent visibility to more than 35,000 vehicles per day.

Alex Geanakos

The property is also in an area with a dense residential customer base with more than 91,000 residents living within a three-mile radius of the property.

The JLL Capital Markets team representing the seller was led by Managing Director Alex Sharrin, Director Alex Geanakos and Analyst Eric Cline.

“Infill retail with a strong credit mix continues to garner private capital interest,” Sharrin said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization.