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35 Acres Purchased for 300,000 SF Retail

McCOOK, IL-Construction should begin soon on a retail development at the southwest corner of 47th Street and 1st Avenue.

By Gina Kenny | Updated on March 27, 2007

McCOOK, IL-McVickers Development LLC, based in Hoffman Estates, IL, has purchased 35 acres of land at the southwest corner of 47th Street and First Avenue from CenterPoint Properties, based in Oak Brook, IL. The sales cost and cap rate were not disclosed but Matt Silvers, principal and managing broker with Next Realty Midwest LLC, says McVickers Development paid “a pretty dear price.” Silvers represented McVickers Development in the transaction. The price paid for the parcel was high but the property is infill space that retailers will also pay high rates to occupy, he says. “It is just like adding water. You build the shopping center there and you are surrounded by people,” Silvers says.

The land was part of a parcel of more than 100 acres where Reynolds Aluminum was formerly located. The property was purchased CenterPoint Properties, which demolished the buildings, performed some environmental cleanup work and is developing the majority of the property as an industrial park.

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