The shopping center, which is in the Lincoln Square neighborhood of Chicago, is fully leased, Polczynski says. Tenants include Potbelly's, Chase Bank and cold Stone Creamery. The asking lease rate for the property is $30 per sf, triple net, she says. Access Group sold the asset to recapitalize for "several other large retail developments on the north side," she says.
Marc Realty acquired the property as part of a 1031 exchange, Polczynski tells GlobeSt.com. The property is an attractive acquisition because "it is in a north side neighborhood of Chicago that is experiencing rapid residential development," she says. The retail center, which was constructed in 1938 and renovated in 1963, is located across the street from the Western Avenue Chicago Transit Authority Brown Line stop. Polczynski did not know if the new owners planned any renovations for the building.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
