The Real Deal Chicago

Here are the top 5 Chicago-area retail investment sales of September

Sterling Organization’s Hillside Town Center acquisition and 2 other suburban deals made the list
By Alex Nitkin |
Research by Laura Hanrahan
October 11, 2018 03:10PM

Hillside Town Center, Oaklee Plaza and 4150 N Southport Ave

The Sterling Organization’s $20 million pick-up of a suburban complex led the list of the five biggest retail deals last month in Cook County, three of which were outside Chicago.

Both city properties on the list, including one in a historic Wicker Park building and a future condo development site, were acquired by Chicago-based developers.

The five deals combine for nearly $38 million in transactions, less than half the $82 million that switched hands through the area’s top retail sales in August, according to Cook County property records.

A report published by Marcus & Millichap last week showed shrinking vacancies and rising rents for retail spaces across the metro area.

1. Hillside Town Center | $20 million

Florida-based Sterling Organization simultaneously bought two suburban retail complexes last month, including the 165,000-square-foot Hillside Town Center in west suburban Hillside. The complex includes a Super Target, Ross Dress for Less and HomeGoods.

Ohio-based DDR was listed as the property’s seller.

2. Oaklee Plaza, Des Plaines | $6.4 million

An LLC tied to Westmont jewelry store owner Kamal Kishore was listed in property records as the buyer of this 34,000-square-foot retail strip at 1427-1485 Lee Street.

The property is 96 percent leased, with tenants including Starbucks, Discovery Clothing, Athletico, T Mobile and Little Caesars. It’s about two miles north of the entrance to O’Hare Airport. 

3. 6060 South LaGrange Road, Countryside | $4.1 million

Car dealership owner Stephen Napleton bought this retail facility in west-suburban Countryside through an LLC tied to his Schaumburg dealership. Napleton operates a Mazda dealership on the property.

The property’s previous owner sold it through a shell company called Throw Strikes LLC, which ties back to a San Diego personal injury attorney’s office.

4. 3150 North Southport Avenue | $3.5 million

Chicago-based Mavrek Development bought this Lakeview property from Byline Bank, which operates a drive-thru building at the corner of Southport and Belmont Avenues. The developer plans to build a four-story condo building with 13 2- and 3-bedroom units above a ground-floor retail space, where Byline Bank is expected to return as a tenant.

5. 1200 North Ashland Avenue #CB | $2.8 million

An LLC tied to the principals of the Chicago-based RDM Development bought the retail portion of this CVS-anchored six-story masonry building in Wicker Park.

Property records listed the seller as STORE Capital, a REIT based in Scottsdale, Arizona.