X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAK BROOK, IL-Brokers at Inland Real Estate Sales report one trend in the sale of four retail assets across city and suburban submarkets—they are selling at full asking price. Chief among the nearly $21 million in deals were the 30,000-sf Gladstone Corners Shopping Center at 5316 N. Milwaukee Ave. in Chicago’s Jefferson Park community and the 36,820-sf Butterfield Corners Shopping Plaza at 1400-74 Butterfield Rd. in far north suburban Mundelein, which sold for $6.15 million each.

Gladstone Corners Shopping Center is anchored by 7-Eleven and Blockbuster, while Butterfield Corners Shopping Plaza includes stand-alone American Mattress and Jiffy Lube stores.

Eagle Creek Plaza, a 61,800-sf center at 308-400 Rollins Rd. in far north suburban Round Lake Beach, sold for $4.76 million after a 30% vacancy rate was eliminated.

In far northwest suburban Crystal Lake, a two-tenant, 30,000-sf center at 5831 Northwest Hwy. commanded a $3.9-million sales price.

Traffic count was a prime consideration in Pine Tree Chicago’s sale of Gladstone Corners Shopping Center to B&B Property Management, LLC. “The center is located at the busy intersection of Milwaukee, Central and Foster,” says Inland Real Estate Sales SVP and managing broker Richard Kehoe, who listed the property with senior sales associate Susan Valle. “It is a strong location with great retail traffic.”

Likewise, Butterfield Corners Shopping Plaza, which was sold to a family ownership group by Townline Partners, is at a major Lake County crossroads, Kehoe notes. “This is one of the main thoroughfares of Vernon Hills and Mundelein,” he adds. “It’s lined with shopping centers and other commercial activity, making it an ideal site.”

Eagle Creek Plaza, sold by a limited liability corporation to N.D. Management Company Inc., is anchored by Big Lots. Pool-A-Rama and Masquerade Maul are the tenants at the Crystal Lake center sold by James Hudzik in a deal brokered by Inland sales associate Ryan Huh and Dan Kernes of Advantage Realty GMAC.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.