Recent Sale Shows Well-Located Suburban Retail Draws National Interest
This week at the International Council of Shopping Centers' RECon event in Las Vegas, there was a lot of talk about how investors were willing to put their money into the retail sector, as long as the properties are in the best locations, preferably with tenants not threatened by competition with e-commerce.
A California-based investor did just that by buying 22nd Street Plaza in the affluent suburb of Oakbrooke Terrace for $21M. CBRE's George Good and Christian Williams represented seller Kimco Realty Corp.
The 176K SF shopping center is 100% leased and anchored by a Home Depot, an outlet which The Street considers well-positioned for long-term growth.
"For the buyer, this will be a wonderful long-term investment, as it is a well-positioned asset, in a very popular corridor, and should continue to draw interest from national retailers in search of a prime location," Williams said.
Party City, Big Lots and restaurants Twin Peaks and Naf Naf Grill are on the property as well. It has 850 parking spaces.
