CHICAGO—Next Realty LLC, a firm based in suburban Chicago, has just completed a set of new lease transactions totaling 62,779 square feet of space at retail centers it owns and manages in Lombard, Schaumburg, Lincolnshire and Oak Lawn.
In largest of the transactions, The Sports Authority has completed a lease extension of the 42,206 square-foot space it occupies at Sports Authority Plaza, 1015 E. Golf Rd. in Schaumburg. Next Realty considers itself a long-term investor, and one of its affiliates has owned the center, located next to Woodfield Commons and just west of Woodfield Shopping Center, since 1978. In addition to The Sports Authority, the other tenant of the center is GFS Marketplace.
At Hobby Lobby Plaza in Lombard, Harbor Freight Tools USA, Inc. has completed a lease renewal for 14,958 square feet of space. The 124,786 square-foot center is located at 225 W. Roosevelt Rd. The center, which an affiliate of Next Realty has owned and managed since 1993, is leased to additional tenants that include Hobby Lobby, X-Sport Fitness, Dollar General and Starbucks.
Next Realty also has completed leases at Lincolnshire Commons the lifestyle center in Lincolnshire that it acquired last Fall. Although it was about 90% occupied, Next officials told GlobeSt.com that they could add value by filling some of its empty portions. And now Menchies Frozen Yogurt, a quick serve specialty restaurant, has leased 1,559 square feet of space and ATI, which provides physical therapy services, has leased 2,776 square feet. Lincolnshire Commons totals almost 130,000 square feet of space; it is located at the northwest quadrant of Milwaukee Ave. and Aptakisic Rd.
In the final transaction for Next, Fantastic Sams, part of the national hair salon franchise, has completed a lease extension for 1,280 square feet of space at Oak Lawn Promenade. The 32,690 square-foot center is located at 6352 W. 95th St. in Oak Lawn, across the street from Chicago Ridge Mall. As reported in GlobeSt.com, when a Next Realty affiliate acquired the property in 2012, the roof leaked, the facade was showing its age, and municipal officials were growing unhappy over its appearance. But Next has modernized the center and enhanced its position in the marketplace.
SALES
CHICAGO—Greg Dietz and Danny Spitz of Baum Realty Group's investment sales team recently represented five separate private sellers in transactions totaling about 81,606 square feet in Chicagoland for $16,650,000. “Transaction volume continues to rise for a variety of reasons including low interest rates, tenant expansion and a growing Chicago economy,” says Dietz.
- 1422 – 1426 N. Milwaukee Ave.: This mixed-use redevelopment sold for $4,200,000 in the Bucktown / Wicker Park neighborhood.
- 701 – 749 N. Milwaukee Ave.: 100% leased multi-tenant retail strip center anchored by the Westin North Shore Hotel sold for $4,900,000 in suburban Wheeling, IL.
- 4700 N. Kimball Ave.: OREO multi-tenant retail strip center adjacent to the Kimball Brown Line 'L' Station sold for $2,300,000.
- 847 N. Larrabee St.: Development parcel sold for $4,100,000 in the River North neighborhood after a zoning change.
- 1312 - 14 N. Clybourn Ave. and 1321 N. Larrabee St. OREO mixed-use redevelopment within the North & Clybourn Corridor sold for $1,150,000.
In addition to the sale of the five properties above, Baum's team sold the 14,500 square foot mixed-use redevelopment building located at 660 W. Lake St. in the West Loop for $2,200,000, a mixed-use project in Wicker Park at 1308 – 1310 N. Milwaukee Ave. for $2.4 million, a single-tenant retail property at 1612 W. North Ave. in Bucktown for $6,150,000, a retail condo at 1650 N. Wells in Old Town for $2,800,000, a mixed-use building at 1031 – 1033 W. Belmont Ave. for $3,275,000 and the retail shops at the Waldorf Astoria in the Gold Coast for $44,000,000.
In addition, Mid-America Real Estate Corp. net lease investment sales team recently brokeredthe sale of a 2,500-square-foot Dunkin Donuts and a 1,400-square-foot Short Term Loans.
The properties, two adjacent parcels located at 651 and 661 Roosevelt Rd. in suburban Glen Ellyn attracted a lot of interest due to their high quality location and lack of landlord obligations, according to company officials. Multiple offers were received in the first week of marketing and the properties were ultimately purchased by a private Illinois buyer for full asking price of $1.685 million at a 6.75% cap rate.
Kevin Conway and Wes Koontz of Mid-Americarepresented the seller in the transaction.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
