X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAGRANGE, IL-UBS Realty Advisors, based in Hartford, CT, has purchased the 67,696-sf LaGrange Crossing shopping center from a private investor for approximately $24 million. Located on the southeast and southwest corners of Ogden Avenue and LaGrange Road, the center is 100% leased.

UBS has retained Oakbrook Terrace-based Mid-America Asset Management Inc., as managing and leasing representative. Mid-America principal Rick Drogosz and vice president Ben Wineman handled the sale on behalf of the seller.

Drogosz tells GlobeSt.com that with the site being an infill location, combined with center’s solid national tenants, USB found the property to be a prime investment. The company, which is investing in the asset as a long-term hold, achieved a cap rate of near 6%.

“We are still seeing a lot of demand from institutional investors for this kind of asset,” Drogosz says. “There has been a shortage of assets like this and interest rates have ticked up a little bit, but they are still low. It’s a conducive market for sellers.”

Trader Joe’s, Borders Books & Music, Walgreens and Pier 1 Imports anchor the center. Other retailers include Zales Jewelers, National City Bank, Baja Fresh Mexican Grill, Caribou Coffee and Corner Bakery.

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?

 

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
Live Chat

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