X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PEORIA, IL-Baceline Investments LLC, based in Denver, has acquired University Plaza shopping center for nearly $11.8 million. The 133,252-sf shopping center is located at 3421-3523 N. University Ave., here. The seller was a private partnership based in Skokie that sold the property for estate planning purposes, says the seller’s agent Michael Horne, president of HSS Management.

Rich Frolik, with CB Richard Ellis, represented the seller of the property. The cap rate was in the “low to mid 8′s,” Horne tells GlobeSt.com.

The shopping center is currently 92% occupied. Tenants include Dunham’s Sports, Hobby Lobby, FedEx/Kinko’s and Blockbuster. There is also a 3,057-sf freestanding Payless ShoeSource on the property. Included in the sale was 2.66 acres of adjacent land for future development.

The asking lease rate for the smaller spaces is $14 per sf net, Horne says. “It is a stabilized property with below market rents and there is ability for additional development on the vacant parcel adjacent [to the shopping center],” he says.

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

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