Baum Realty Group Brokers Sale of Chicago Retail Center
- Apr 28, 2017
Baum Realty Group has found a buyer for the retail center at 4600 Plaza in Harwood Heights, Ill. The sales team made up of Danny Spitz and Greg Dietz, managing directors, closed the transaction in less than 50 days and brought the seller, an affiliate of Chicago-area company Next Realty LLC, $7 million. The buyer was an out-of-state investment group.
“The speed of the transaction can be attributed to 4600 Plaza fitting into a high demand investment category of retail properties in proven submarkets with high barriers to entry,” Dietz said in a prepared statement.
The facility is part of a larger center located on Harlem Ave., one of the most active retail corridors in the area, which is less than 15 miles away from downtown Chicago. Several national retailers such as American Mattress, Marshalls and Burlington Factory are on the tenant roster.
“The property’s dense urban infill location along a prominent retail corridor on Harlem Avenue made the off market opportunity attractive to the acquiring investment group,” added Spitz.
While owned by Next, 4600 Plaza went through a major façade renovation, which added more value to the asset.
Image courtesy of Baum Realty Group