RCG Ventures Acquires Chicago-Area Retail Asset
The shopping center is anchored by Walmart and Kohl’s.
Bradley Commons. Image courtesy of Mid-America Real Estate Corp.
RCG Ventures has acquired Bradley Commons, a 175,369-square-foot grocery-anchored retail property in Bourbonnais, Ill. Mid-America Real Estate Corp. brokered the sale on behalf of sellers IRC Retail Centers and DRA Advisors.
According to public records, the property traded for $23.5 million. The same source revealed that CIBC originated a $16.5 million acquisition loan for the buyer. The property is managed by Pine Tree.
The shopping center is anchored by a Walmart Supercenter and a Kohl’s. Dick’s, Jo-Ann, Petco, Shoe Carnival, Ulta and Five Below are among the other tenants at the property.
Located at 2024 Illinois 50 Highway, Bradley Commons is located along County Road E. 241 N. The property is exposed to a daily traffic of approximately 32,700 vehicles, according to RCG Ventures. Water Tower Plaza and NorthfiÂeld Square Mall are also located within the vicinity of the property.
The retail center serves a population of more than 62,000 residents within a 5-mile radius, averaging a household income of $83,674.
Grocery-anchored properties resilient despite economic turmoil
Mid-America Real Estate Principals Joe Girardi and Rick Drogosz were exclusive brokers for the seller. Earlier this month, the firm brokered another grocery-anchored property deal, the 74,182-square-foot Cliff Lake Centre, on behalf of DRA Advisors.
Last year, the majority of retail investment activity took place in major cities such as New York City, Los Angeles and Chicago, as shown by Matthews‘ end-of-year market report. Additionally, the report indicated that 47.3 million square feet of retail space had been completed, with more than 250 million square feet of space leased during the same period.
The grocery stores, discount stores, restaurants, big-box retailers and strip center sectors are predicted to do well, according to the report. However, due to rising inflation, commercial real estate investors are revising their market strategies.
You must be logged in to post a comment.