JLL closes sale of suburban Chicago retail center
ALDI-anchored property is in the northwestern suburb of Elk Grove Village
CHICAGO, October 23, 2019 – JLL announced today that it has closed the sale of Mallard Crossing, an 80,708-square-foot, ALDI-anchored retail center in the northwestern Chicago suburb of Elk Grove Village, Illinois.
JLL represented the seller, IRC Retail Centers LLC, and procured the buyer, a vehicle sponsored by AmCap Management LLC.
Mallard Crossing features market-leading anchor tenants Aldi, Ross Dress for Less and Dollar Tree, all of which signed long-term leases within the past year. Non-owned tenants at the property include Walmart and McDonald’s. The property was recently renovated to include improvements such as a new roof, parking lot and façade modernization. Located at 851-933 Meacham Road, the property is at the northeast corner of Meacham and Nerge Roads, which is visible to more than 38,000 vehicles per day. The town of Elk Grove Village is immediately adjacent to O’Hare International Airport and near the nation’s largest industrial park consisting of 62 million square feet of space and more than 5,600 businesses. The center is in an affluent neighborhood with more than 80,000 residents earning an average annual household income of more than $100,000 within a three-mile radius.
The JLL Capital Markets team that represented the seller was led by Executive Vice President Janice Sellis.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
IRC Retail Centers specializes in acquiring, owning and managing high-quality, open-air shopping centers. For more information, visit ircretailcenters.com.
AmCap was founded in 1979 and is based in Stamford, Connecticut. As a vertically integrated company, AmCap invests in grocery-anchored and necessity retail properties nationwide, managing more than $1 billion of assets on behalf of leading institutional investors. Read more at amcap.com.