Mid-America Sells Shopping Center for $16M

OAK LAWN, IL-Inland Real Estate Group has purchased a 77,500-sf shopping center from Mid-America Development Partners for $16 million. The center, at 9633 S. Cicero Ave., is about 97% leased.Tenants at the property include Sports Authority, Corner Bakery, Staples and Men’s Warehouse. Other leases are currently in progress, and the property is expected to be 100% leased by year’s end, says Chad Firsel, EVP with NAI Hiffman’s Investment Services Group. He represented Mid-America in the sale.

Firsel says the owner developed the center in 2005, building half of the space as new construction and renovating an existing building. “They just decided to liquidate it,” Firsel tells GlobeSt.com. “They went with Inland for surety of closing. It was really a good deal for them and they made substantial profits.”