Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Two retail properties, a 12,440-sf strip center on the South Side and an 8,000-sf center in southwest suburban Chicago Ridge, have changed hands in separate deals worth more than $2 million. The property at 9100 S. Commercial Ave. was on the market for $2 million, and had been acquired two years ago for $1.8 million.

“Blockbuster and Bubbleland Laundromat occupy the entire property on a net lease basis,” says Millennium Properties Inc. president Daniel J. Hyman, who brokered the deals. “These types of retailers have prospered in areas that have been underserved by national retailers.”

The deal involving 10721-29 S. Ridgeland Ave., near the Chicago Ridge Mall, required finding new tenants first, Hyman says. Occupancy was boosted from 72% to 100%, he says.

The 8,000-sf building was on the market for $395,000. It also was acquired two years ago, for $300,000, according to property records.

Parkway Bank, which financed the 2001 acquisition of 9100 S. Commercial Ave. with a $1.4-million loan, also provided a mortgage on the most recent deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.