VERNON HILLS, IL-A private investor from Colorado has purchased the Townline Commons, a shopping complex at 555 Townline Road, from Mokena, IL-based Location Finders International. The sale price was $24 million. Principal Rick Drogosz and associate Joe Girardi, both with Mid America Real Estate Corp.’s investment sales group, represented the seller in the transaction.

The sale is for 101,555 sf of the 280,000-sf shopping center, which was constructed in 1991, Girardi says. The center is shadow anchored by Wal-Mart, Toys “R” Us and Petco, which are separately owned. Anchor tenants of the Townline Commons shopping center include OfficeMax, Golf Galaxy, Discovery Clothing and Plunkett Furniture. Other major tenants include Bath & Body Works, Payless Shoe Source, Supercuts, Chicago Home Fitness, Washington Mutual and Wells Fargo Financial.

Location Finders International had owned the property since 2002. “They are development focused and they just had better uses for their capital,” Girardi says. The buyer is a private investor from Colorado who purchased the property as part of a 1031 Exchange. “This particular one fit his requirements of a well located, stabilized shopping center in a major market like Chicago,” Girardi says. There are no renovations planned for the building.

The shopping complex is currently fully leased and has had an average occupancy of 99.2% over the past three years, Girardi says. Lease rates range from “the low teens” per sf for some of the larger spaces to “the mid 20′s” per sf for some of the smaller spaces, he says.

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