Bradley Commons. Picture courtesy of Mid-America Actual Property Corp.
RCG Ventures has acquired Bradley Commons, a 175,369-square-foot grocery-anchored retail property in Bourbonnais, Sick. Mid-America Actual Property Corp. brokered the sale on behalf of sale on behalf of sellers IRC Retail Facilities and DRA Advisors.
In accordance with public information, the property traded for $23.5 million. The identical supply revealed that CIBC originated a $16.5 million acquisition mortgage for the customer. The property is managed by Pine Tree.
The purchasing middle is anchored by a Walmart Supercenter and a Kohl’s. Dick’s, Jo-Ann, Petco, Shoe Carnival, Ulta and 5 Under are among the many different tenants on the property.
Situated at 2024 Illinois 50 Freeway, Bradley Commons is positioned alongside County Highway E. 241 N. The property is uncovered to a day by day visitors from roughly 32,700 automobiles, in accordance with RCG Ventures. Water Tower Plaza and Northfield Sq. Mall are additionally positioned throughout the neighborhood of the property.
The retail middle serves a inhabitants of greater than 62,880 residents inside a 5-mile radius, averaging a family revenue of $83,674.
Grocery-anchored properties resilient regardless of financial turmoil
Mid-America Actual Property Principals Joe Girardi and Rick Drogosz have been unique brokers for the vendor. Earlier this month, the agency brokered one other grocery-anchored property deal, the 74,182-square-foot Cliff Lake Centre, on behalf of DRA Advisors.
Final yr, the vast majority of retail funding exercise occurred in main cities resembling New York Metropolis, Los Angeles and Chicago, as proven by Matthews‘ end-of-year market report. Moreover, the report indicated that 47.3 million sq. ft of retail area had been accomplished, with over 250 million sq. ft of retail area leased, throughout the identical interval.
The grocery shops, low cost shops, eating places, big-box retailers and strip middle sectors are predicted to do effectively, in accordance with the report. Nevertheless, attributable to rising inflation, industrial actual property traders are revising their market methods.
