$20.5M sale of grocery-anchored retail center in suburban Chicago closes
JLL Capital Markets closed the sale of the 274,282-square-foot Wind Point Shopping Center in Batavia, Illinois
CHICAGO, Jan. 10, 2023 – JLL Capital Markets announced today that it has closed the $20.5 million sale of Wind Point Shopping Center, a 274,282-square-foot, grocery-anchored, open-air retail asset located within the Chicago MSA in Batavia, Illinois.
JLL represented the seller, KIMCO, and PMAT acquired the asset, marking it’s second on the Randall Road corridor in high-income suburban Chicago.
Built in 1999, The 72.5-percent-occupied community center is anchored by Aldi and Hobby Lobby. Additional tenants include Kohl’s, Office Max, Petland, Chili’s, Mattress Firm, AT&T and Swordfish Sushi, and the Weighted Average Tenure is 22 years. The acquisition also presents value-add opportunities for the new owner, such as leasing the vacancy and developing additional out parcels directly fronting Randall Road at the same intersection as Chick-fil-A and the newly constructed Raising Cane’s, Starbucks and Chipotle.
Situated at 201 N. Randall Rd., the asset is within three miles of 500,000 square feet of Class A retail and has excellent store front visibility with a 40,000 VPD on Randall Road. Within five miles of the property is a population of 112,094, a daytime population of 75,847 and an average household income of almost $150,000.
The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Director Amy Sands and Clinton Mitchell and Director Michael Nieder.
"Shopping centers anchored by a grocery component combined with true value-add continue to attract the widest range of capital in today’s market,” said Sands. “Wind Point had the added attraction of being located in the same city as Aldi’s corporate headquarters furthering the appeal and commitment from the grocer.”
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 sales and 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
PMAT is a real estate development and investment platform focused on value-add Select Open Air Retail (SOAR) investments across the Southeast, Sunbelt, and Midwest. Since inception in 2003, the team has completed nearly 100 transactions consisting of more than 11.2 million square feet with an aggregate value in excess of $1.3 billion. PMAT's proven investment strategy is to acquire value-add Select Open Air Retail (SOAR) assets anchored by grocery, discount, off-price and necessity tenants and to create long-term value through redevelopment, renovation, and re-tenanting of these fundamentally strong investments.