Sperry Equities Buys Chicago-Area Shopping Center
DRA Advisors sold the three-building property, which was 75 percent leased.
Sperry Equities has purchased Aurora Commons, a 125,826-square-foot open-air retail center in Aurora, Ill. IRC Retail Centers, a privately held real estate company owned by funds managed by DRA Advisors LLC, sold the asset for $9 million, according to public records. Farm Bureau Life Insurance Company of Michigan provided a $7 million acquisition loan, the same sources show.
JLL Capital Markets brokered the transaction, with Director Michael Nieder, Managing Director Keely Polczynski and Analyst Caity Tirakian leading the Investment Sales and Advisory team working on behalf of the seller. At the time of the sale, the shopping center was 75 percent leased.
Anchored by Ross Dress for Less, DD’s Discounts and Cermak Fresh Market, Aurora Commons also includes a diverse mix of local and national tenants such as Five Below, Dollar Tree, T-Mobile, H&R Block, Pizza Now and BMO Harris Bank.
Located at 1272 N. Lake St., Aurora Commons is close to the intersection of Route 31 and Interstate 88, which provide easy access across the Chicago metropolitan area. The three-building retail center serves around 108,848 people within a 3-mile radius, with an overall buying power of $3.4 billion and the average income of approximately $87,717. Aurora Commons is within walking distance of Ascension Mercy Hospital, Advocate Health Care and Cool Acres Park.
DRA Advisors has recently sold a 326,084-square-foot retail center in Niles, Ill. Nassimi Realty purchased the asset located within the Chicago MSA for $20.5 million.