JLL Capital Markets closes sale of the 125,826-square-foot, multi-anchored Aurora Commons in Aurora, IL

  

Caity Tirakian

CHICAGO, IL – JLL Capital Markets has closed the sale of Aurora Commons, a 125,826-square-foot, open-air retail center located within the Chicago MSA in Aurora, Illinois. The price was not disclosed.

 

JLL represented the seller, IRC Retail Centers, and Sperry Equities acquired the asset.

 

The JLL Capital Markets Investment Sales and Advisory team was led by Michael Nieder, Keely Polczynski and Caity Tirakian.

Keely Polczynski

Built in 1988, the 75-percent-occupied center is anchored by Ross Dress for Less and DD’s Discounts. Additional tenants include Five Below, Dollar Tree, T-Mobile, H&R Block, and more.

 

The property also benefits from its high-performing shadow anchor, Cermak Fresh Market, which serves as one of two grocers within a three-mile radius.

 

Situated at 1272 N. Lake St., Aurora Commons is located at the intersection of Illinois Route 31 (Lake Street) and Indian Trail Road. The center is just 40 miles west of downtown Chicago and 12 miles west of downtown Naperville.

Michael Nieder

The property benefits from nearby retail centers, including Chicago Premium Outlets, Lake Plaza, and North Aurora Towne Center, as well as numerous healthcare centers, such as Ascension Mercy Hospital, Rush Copley Medical Center and Advocate Health Care.

 

Within a three-mile radius is a population of 108,848, an average household income of $87,717 and an overall buying power of $3.4 billion.

 

 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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Contact:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 jll.com

iBorrow provides $47 million in refinancing for a 2.16 million SF multi-state industrial portfolio

 

Brian Good

Los Angeles, CA – iBorrow, a nationwide private direct lender for commercial real estate, has closed a $46.58 million refinancing of a 2,166,600 square-foot, six-property industrial portfolio owned by an institutional fund with more than $1.5 billion in commercial real estate assets.

The properties in the collateral pool are located across New York, South Carolina, Alabama and California, and collectively feature an occupancy of 91.2%. The properties currently feature a diverse mix of fifteen tenants with a favorable rollover schedule.

Approximately 9.51% of the properties’ NRA (or 206,000 square feet) is leased to five credit tenants. The six properties also have a weighted average lease term of 5.18 years.

“Conditions in the commercial real estate market have changed dramatically in the past 18 months, as a result of which private direct lending is an increasingly important option for borrowers facing loan maturities,” says Brian Good, Managing Partner of iBorrow, who also notes that $2 trillion of CRE debt is expected to mature in the next two years.

Riley Manke

“The borrower on this transaction is sophisticated, has a strong track record and needed a relatively quick and flexible funding solution”, explained Good.

“One unique aspect of this transaction is a structure that includes release provisions, enabling the sponsor to comfortably exit each property, while supporting a successful full-cycle execution of the portfolio business plan.

"This environment, while challenging, gives borrowers and investors the opportunity to be selective. This loan is attractive to us and we believe this borrower has the capability to successfully execute on their business plan.”

The transaction was completed in conjunction with leading national CRE finance and advisory service firm Walker & Dunlop’s Riley Manke and Andrew Westling.

Andrew Westling

“As we approach the end of 2023, it’s increasingly clear that adverse conditions will likely persist in the CRE space for the next 12 months or so,” concludes Good.

“While this means that regional banks and other traditional financial institutions will continue to hang back, iBorrow is fully committed to providing borrowers, investors and entrepreneurs with the flexible, innovative funding solutions they will need in 2024 and beyond.”

Contact:

Chris Clemens

The Smart Agency, Inc.

(949) 520-6714
cclemens@thesmartagency.com