Suburban Chicago retail center with grocery anchor sells for $30.2M

CHICAGO, Dec. 2, 2021 - JLL Capital Markets announced today that it has closed the $30.2 million sale of Market Plaza, a 166,572-square-foot retail center anchored by Jewel-Osco in the Chicago-area suburb of Glen Ellyn, Illinois.

JLL advised the seller, RPT Realty. North American Real Estate Group acquired the asset.

Renovated in 2009, Market Plaza was completed in 1965 and has been a staple of the community for decades, with Jewel-Osco serving as its primary tenant for more than 25 years. A diverse mix of retailers, including Ross Dress for Less, Dollar Tree, Staples, Sherwin-Williams, Sweet Basil, H&R Block, Royal Nail and Spa, Goldfish Swim School and more, round out the tenancy.

Market Plaza is situated on 12.45 acres at 525-613 Roosevelt Rd. at the high-traffic, signalized intersection of Park Boulevard and Roosevelt Road, which exposes the property to approximately 45,000 vehicles per day. Located 24 miles west of downtown Chicago, Glen Ellyn's strong and affluent demographics include 106,00 residents earning an average annual household income of $131,500 living within a three-mile radius of the center.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.

"Investor appetite for value-add opportunities continues to increase as the market recovers from COVID with well-located centers continuing to see enhanced leasing velocity and tenant demand," Sands said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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