Cannon Commercial Lists Three South Side Retail Properties
A Los Angeles-based investor is seeking buyers for two properties on the South Side and another in northwest Indiana. Cannon Commercial retained CBRE to market three shopping centers with a footprint of 861K SF for potential buyers.
The best-performing of the three is Jeffery Plaza at 7131 South Jeffery Ave., in South Shore. The 188K SF strip mall is 87% leased and anchored by a Shop n' Save grocery. Other retailers with long-term leases at the center include Chase, Papa John's and H&R Block. Cannon is seeking $19M bids for Jeffery Plaza. Canterbury Plaza, a 266K SF center at 2959 West 159th St. in suburban Markham, is 85% leased to tenants including Fairplay supermarket, Charter Fitness and Citi Trends. Cannon is asking for $16.5M.
The third asset, Marquette Place at 450 St. John Road in Michigan City, Indiana, is the largest asset in the portfolio but the weakest performer. The 481K SF shopping center is only 60% leased, but it is on Michigan City's main retail strip and has tenants including Athletico, Carson Pirie Scott and Planet Fitness. It is listed at $9M as a value-add opportunity.
Cannon Commercial is listing these assets at a time when weak retail sales and mass closures have retail real estate in flux. One South Side area retail asset, Westport Commons, is in danger of becoming distressed after it lost its grocery store anchor in March. CBRE's Keely Polczynski and Michael Gendell are the brokers. Cannon Commercial bought Jeffery Plaza in 2006 and acquired Canterbury Plaza a year later.
