$11.5M sale of rare flex retail and industrial space in the Chicago MSA closes
JLL Capital Markets closed the sale of the 123,519-square-foot 3450 West Touhy Ave. in Skokie, Illinois
CHICAGO, June 6, 2023 – JLL Capital Markets announced today that it has closed the $11.5 million sale of 3450 West Touhy Ave., a 123,519-square-foot flex retail and industrial property located within the Chicago MSA in Skokie, Illinois.
JLL marketed the loan on behalf of the seller, CenterPoint Properties Trust, and Skokie-based Bernard Capital Investment Partners acquired the asset.
Built in 1976 and renovated in 2013, the 100-percent-occupied center is currently anchored by an XSport Fitness. It is the most trafficked fitness center in a five-mile radius and has received approximately 866K visitors in the last 12 months. The two industrial tenants include Skokie Cash & Carry and Howard Packaging, and the spaces offer a total of three interior docks and four drive-in doors. The asset also features an 84-space parking garage with 30-foot clear heights.
Situated four miles from I-94, the property is exposed to an average traffic count of 20,000 vehicles per day. The property is just 10 miles from Chicago and nine miles from O’Hare International Airport. Additionally, within a three-mile radius is a population of 320,378 and an average household income of $109,589.
The JLL Capital Markets Investment Sales Advisory team was led by Director Michael Nieder.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CenterPoint Properties Trust
CenterPoint Properties is one of America’s leading industrial real estate development, investment, and management firms. The company invests in major coastal and inland port logistics markets anchoring North America’s principal freight lanes. For more information on CenterPoint Properties, visit centerpoint.com or follow CenterPoint on LinkedIn.