Cloverleaf was represented in house, while the seller was represented in the deal by Mike George and Joe Girardi of Mid-America Real Estate Corp.'s Investment Sales Group.
"For some strategic reasons and partnership reasons, the previous owners decided now was the right time to sell," Girardi, associate with Mid-America, tells GlobeSt.com. "It's a good grocery store site and they buyer is local and very familiar with this property type. For the previous owners, it was more of a passive investment, and this was an opportunity for a new owner to come in and add some value."
Previous to selling to Northbrook-based Cloverleaf, Sanders Court Partners LLC had owned the center since its development around 35 years ago. Asking lease rates there are around $20 per square foot, Girardi says. The center is located in the north suburban retail submarket.
"Northbrook is a great north suburb of Chicago, and neighborhood grocery-anchored retail is holding up better than any other retail," Girardi says. "The more convenience-oriented retail has help up very well. Because of demographics, Northbrook is holding up better than most other suburbs."
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