Newly developed trophy retail center in suburban Chicago trades
JLL Capital Markets closed the sale of the 54,120-square-foot, triple-net-leased The Overlook at Oakbrook, located directly across the street from the most visited regional mall in the country
CHICAGO, Oct. 10, 2023 – JLL Capital Markets announced today that it has closed the sale of The Overlook at Oakbrook, a 54,120-square-foot, newly developed, triple-net-leased trophy retail center located in the western Chicago suburb of Oak Brook, Illinois
JLL represented the seller, GW Properties, and procured the buyer, MetLife Investment Management.
Built from 2022 to 2023, The Overlook at Oakbrook features a mix of seven single-tenant and multi-tenant free standing buildings leased to market-leading occupiers in the restaurant, education, medical and services space. The 100-percent-leased center is anchored by Guidepost, Lazy Dog, Panera and Vet Emergency Group. Additionally, the center is shadow-anchored by the top-performing Costco in Illinois.
Situated at 1715-1775 W. 22nd Street in the affluent DuPage County, The Overlook at Oakbrook is ideally positioned at the corner of 22nd Street and Route 83 and features frontage along the highly trafficked Interstate-88. The property benefits from its location across the street from the #1 most visited regional mall in the U.S., Oakbrook Center, attracting 16.2 million visitors a year. Within a five-mile radius is an average household income of $152,000 and a population of 287,472. Additionally, visitors have convenient highway access to the center via the Central Triangle State Tollway, the East-West Tollway and Eisenhower Express way. The property is just 15 miles west of Chicago CBD.
This transaction has been only the second sale of comparable scale and within the surrounding three-mile radius in the last ten years.
The JLL Retail Capital Markets team was led by Senior Managing Director Alex Sharrin, Senior Director Michael Nieder, Associate John Detlaff and Analyst Noel O’Donnel.
“This deal was a true testament to the location, location, location commercial real estate moniker, attracting bids from private, international and institutional capital. Oakbrook consistently achieves the highest rents of any suburban Chicago retail submarket and is known as the premier suburban Chicago destination. GW Properties had an incredible vision to knock down an old Macy’s box and transform a prominent corner into a cohesive tenant roster that together brings a complimentary mix of tenant types to the market,” said Sharrin.
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 105,000 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 GW Properties
Through deep rooted and diverse relationships in the commercial real estate industry, GW Properties has developed an expertise in retail and mixed-use properties. Over the past decade, GW principals have been involved in the brokerage, investment, and development of over $500 million of real estate in the Chicagoland area with a typical deal size ranging from $500,000 to $5 million. GW practices respectful development through its collaborative approach of uncovering opportunities, optimizing value, and enhancing communities. This process has yielded a track record of proven results.