Chicago Retail Center Sells for $24M

Investment brokerage firm The Boulder Group has completed the sale of Archer Station, a shopping center located in Chicago. The 69,820-square-foot property traded for $24 million. President Randy Blankstein and Partner Jimmy Goodman of The Boulder Group represented both the seller and the buyer.

Located at 2620-2640 W. Pershing Road, the retail center was fully leased at the time of the deal to LA Fitness, Ross Dress for Less, AT&T Wireless and Athletico Physical Therapy. The property is a green development and includes features such as permeable pavers in the parking lots. Additionally, all of the buildings have been completed to a higher energy efficiency level. The center offers convenient access to Interstate 55, the primary artery linking Chicago to its southwest suburbs.

The LA 15-year lease is set to expire in February 2031. The lease has 10 percent rental escalations every five years throughout the primary term and in each of the four 5-year renewal option periods. Ross Dress for Less inked a 10-year lease in December 2016. The lease features a 10 percent rental escalation in the sixth year. AT&T signed a new 7-year lease with a 10 percent rental escalation in the sixth year. Athletico executed a 7-year lease with a 5.9 percent rental escalation in the fifth lease year.

Video courtesy of The Boulder Group