Suburban Chicago retail center with grocery anchor sells for $30.2M
JLL Capital Markets closed the sale of Market Plaza in the affluent Glen Ellyn suburb
CHICAGO, Dec. 2, 2021 – JLL Capital Markets announced today that it has closed the $30.2 million sale of Market Plaza, a 166,572-square-foot retail center anchored by Jewel-Osco in the Chicago-area suburb of Glen Ellyn, Illinois.
Renovated in 2009, Market Plaza was completed in 1965 and has been a staple of the community for decades, with Jewel-Osco serving as its primary tenant for more than 25 years. A diverse mix of retailers, including Ross Dress for Less, Dollar Tree, Staples, Sherwin-Williams, Sweet Basil, H&R Block, Royal Nail and Spa, Goldfish Swim School and more, round out the tenancy.
Market Plaza is situated on 12.45 acres at 525-613 Roosevelt Rd. at the high-traffic, signalized intersection of Park Boulevard and Roosevelt Road, which exposes the property to approximately 45,000 vehicles per day. Located 24 miles west of downtown Chicago, Glen Ellyn’s strong and affluent demographics include 106,00 residents earning an average annual household income of $131,500 living within a three-mile radius of the center.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.
“Investor appetite for value-add opportunities continues to increase as the market recovers from COVID with well-located centers continuing to see enhanced leasing velocity and tenant demand,” Sands said.
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About RPT Realty
RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The company's locally curated consumer experiences reflect the lifestyles of its diverse neighborhoods and match the modern expectations of its retail partners. The company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange under the ticker symbol RPT.
About North American Real Estate
North American Real Estate (NARE) was formed in 1998 and has a large portfolio of shopping centers mainly located within the Chicago MSA. NARE’s portfolio consists of urban and suburban assets including single tenant, grocery anchored/box tenancy to strip center and convenience tenancy. NARE is a long-term holder of assets and is also vertically integrated with their own management and leasing team.