Bernard Capital Acquires Chicago-Area Mixed-Use
CenterPoint Properties Trust sold the retail and industrial property.
Bernard Capital Investment Partners has closed on the acquisition of 3450 West Touhy Ave., a 123,519-square-foot flex retail and industrial property Skokie, Ill. CenterPoint Properties Trust sold the asset for $11.5 million.
Constructed in 1976 and revamped in 2013, the property is anchored by XSport Fitness. Serving as the busiest fitness facility within a 5-mile perimeter, it has welcomed around 866,000 visitors over the past year, according to JLL.
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The property also accommodates two industrial tenants, Skokie Cash & Carry and Howard Packaging. These tenants occupy spaces featuring three interior docks and four drive-in doors. Moreover, the building offers an 84-spot parking garage.
Located 4 miles from Interstate 94, the property has an average daily traffic count of 20,000 vehicles, according to JLL. Chicago and O’Hare International Airport are roughly 10 miles away.
JLL Director Michael Nieder brokered the sale on behalf of the seller. At the beginning of the year, Nieder also represented Kimco Realty Corp. in the $20.5 million transaction of Wind Point Shopping Center, a 274,282-square-foot, grocery-anchored retail asset in Batavia, Ill.