Hanley Investment, Greenstone Partners Arrange IL Retail Center Sale
- Mar 06, 2019
Hanley Investment Group Real Estate Advisors together with Greenstone Partners of Chicago have represented both the seller and the buyer of a 28,600 square-foot retail property in Crest Hill, Ill. The sale of South Weber Plaza was an all-cash 1031 exchange in which the buyer was a Southern California-based investor. The deal included a 2-acre pad in front of the center and a 7,400 square-foot pad suitable for a parking lot expansion.
The property is located on a 6-acre site at 1801-1847 Knapp Road, adjacent to North Larkin Avenue, and is fully leased to tenants such as The Southern Café, Motivation Fitness, Serenity Wellness Center, Natasha’s Clothing Boutique and Cambium Realty. Big Lots!, Food 4 Less, Hobby Lobby, HOBO, Jewel-Osco, Marshalls, Ross Dress for Less and Walgreens are other businesses near the shopping center. Last year, South Weber Plaza underwent a major renovation which included a new facade, storefronts, signage, parking lot, HVAC and landscaping.
“California buyers, in search of higher yields, were attracted to the service-based, internet-resistant tenant line-up and the center’s recent renovation,” said Hanley’s Vice President Jeff Lefko in a prepared statement. In addition to Lefko, the other brokers involved in the deal were Bill Asher, executive vice president with Hanley, and Jonny Lefko, vice president at Greenstone Partners.
Last year, Hanley Investment Group Real Estate Advisors arranged the sale of another retail asset. Natomas Shopping Center in Sacramento, Calif., traded for $10.3 million in a 1031 exchange.
Image courtesy of Hanley Investment Group