{"id":1004707355,"date":"2024-03-22T07:41:15","date_gmt":"2024-03-22T15:41:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004707355"},"modified":"2024-04-12T05:45:17","modified_gmt":"2024-04-12T13:45:17","slug":"dra-advisors-sells-chicago-value-add-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-chicago-value-add-shopping-center\/","title":{"rendered":"DRA Advisors Sells Chicago Value-Add Shopping Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a367b7e7c2f2&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img decoding=\"async\" data-attachment-id=\"1004707377\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-chicago-value-add-shopping-center\/oak-forest-commons_mid-america\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Oak-Forest-Commons_Mid-America-e1711116707770.jpg\" data-orig-size=\"1200,901\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;WILLIAM YARBROUGH&quot;,&quot;camera&quot;:&quot;NIKON D750&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1682702758&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;250&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Oak Forest Commons_Mid-America\" data-image-description=\"&lt;p&gt;Oak Forest Commons features a vacant space formerly occupied by Food 4 Less. Image courtesy of Mid-America Real Estate Corp.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Oak Forest Commons features a vacant space formerly occupied by Food 4 Less. Image courtesy of Mid-America Real Estate Corp.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Oak-Forest-Commons_Mid-America-e1711116707770.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Oak-Forest-Commons_Mid-America-e1711106517844.jpg\" alt=\"Oak Forest Commons\" class=\"wp-image-1004707377\" style=\"width:304px;height:auto\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Oak Forest Commons features a vacant space formerly occupied by Food 4 Less. <em>Image courtesy of Mid-America Real Estate Corp.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>First Tek has purchased Oak Forest Commons, a 115,754-square-foot value-add shopping center in Oak Forest, Ill. DRA Advisors sold the asset with the assistance of Mid-America Real Estate Corp. <\/p>\n\n\n\n<p>Oak Forest Commons&#8217;s tenant roster includes a diverse mix of national retailers such as Great Clips, Dotty\u2019s, Anytime Fitness, Forever Grace, Munchy Flames and Drippy Smoke. Pine Tree was the asset&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/property-management-success-reimagining-retail\/\">property manager<\/a> at the time of its sale. <\/p>\n\n\n\n<p>Located at the corner of 159th Street and Central Avenue, Oak Forest Commons serves more than 81,000 individuals within a 3-mile radius, with an average household income of approximately $94,000, according to Mid-America. The firm&#8217;s Principals Rick Drogosz, Ben Wineman and Joe Girardi represented DRA Advisors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-long-history-of-chicago-retail-transactions\">A long history of Chicago retail transactions<\/h2>\n\n\n\n<p>In fact, Oak Forest Commons was not the first retail asset acquired by First Tek from DRA Advisors. At the end of last year, the firm purchased a <a href=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-chicago-area-shopping-center\/\">172,697-square-foot retail center<\/a> in Darien, Ill., in a transaction arranged by\u00a0the same Mid-America brokers.<\/p>\n\n\n\n<p>On the other hand, DRA has sold several Chicago-area assets in recent months. One of them was Orland Park Place, a 649,668-square-foot open-air regional center in Orland Park, Ill., that changed hands <a href=\"https:\/\/www.commercialsearch.com\/news\/pmat-pays-75m-for-suburban-chicago-shopping-center\/\">for $74.6 million<\/a>. Once again, Mid-America brokered the deal on behalf of the seller. <\/p>\n\n\n\n<p>According to a recent Lee &amp; Associates report, one of the metro&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/pmat-buys-chicago-area-shopping-center-for-32m\/\">largest sale transactions by square foot<\/a> in the fourth quarter of last year also involved a DRA Advisors property. In November, PMAT acquired the 317,006-square-foot shopping center in Crystal Lake, Ill.,&nbsp;for $32.4 million or $102.2 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A repeat buyer purchased the 115,754-square-foot property.<\/p>\n","protected":false},"author":3014,"featured_media":1004707377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21783,13,21742,21749],"tags":[33919,36646,45494],"class_list":["post-1004707355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-investment","category-midwest","category-latest","category-retail","tag-dra-advisors-llc","tag-mid-america-real-estate-corporation","tag-pine-tree-opportunity-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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