CHICAGO-Four shopping centers in Dolton, IL, Aurora, IL and Mokena, IL recently sold for a total of $27 million. Edgemark Commercial Real Estate Services LLC, based in Oak Brook, IL, represented entities in each of the sales. The buyers of the centers were all local individuals or partnerships, Kowal says. The sellers were all partnerships that were based in Chicago and the surrounding suburbs, Kowal says.

“The overall market, I think, has slowed down a little bit,” says Jeffrey Kowal, senior vice president with Edgemark, saying the big sales have vanished in the past few months. Increasing interest rates have played a role in the slowdown, he says, as has the increase in the spread between interest rates and US Treasury bonds. There is “a little bit of a disconnect” as US Treasury bond rates are still low but cap rates have not totally adjusted, he says. “There is still plenty of volume and activity in the market but the volume is not as great as it was a couple of years ago,” he says. “It has decreased the fury in the marketplace.”

Ashton Pointe Shopping Center, at the southeast corner of North Aurora Boulevard and Eola Road in Aurora, was acquired by a private investment group. The 28,854-sf shopping center was constructed in 2002 and is next to Jewel/Osco. Ashton Pointe is currently about 92% leased. Tenants include Washington Mutual, GNC, Athletico and Caribou Coffee. The seller was a family partnership based in a Chicago suburb and the buyer was an investment group based in a Chicago suburb, says Kowal, who was the broker for the transaction.

Mokena Corners and Mokena Pavilions were both acquired by a “private family investment entity” Kowal says. Mokena Corners is a 26,400-sf retail center on 3.58 acres at 11212-11244 W. Lincoln Highway. Mokena Corners was the first phase of the development and was constructed in 2005. Mokena Pavilions is an 18,765-sf retail center on 4.11 acres at 11312-11336 W. Lincoln Highway. Mokena Pavilions was constructed in 2006 as the second phase of the development. The first phase is fully leased with tenants including Blockbuster, Subway, Dunkin’ Donuts and Great Clips. Mokena Pavilions is currently about 90% leased with tenants including Oberweis, FedEx Kinko’s and CitiFinancial, Kowal says. The centers were acquired to fulfill a 1031 exchange. The centers were developed by a developer based in Chicago and Denver, which was the seller of the centers and was represented by Kowal. Tara Mathews, with Prime Equities, and Colleen Kazmarek, with Caton Commercial, represented the buyer, a husband and wife from Chicago.

A 53,677-sf center at 1024-1048 Sibley Road in Dolton was sold to a private investor. The retail center, which was constructed in the mid-1970′s on 4.8 acres, is 100% leased. The center is anchored by Walgreens and Burger King. Nick Peters and Lynne Brackett, both with CB Richard Ellis, represented the seller of the center. Kowal represented the buyer of the property.

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