At the end of August, retail transaction volume in Chicago reached $587M—comfortably ahead of last year's pace ($487M) and in keeping with national trends. Earlier in the year, as well as during the latter part of 2009, the majority of deals consisted of smaller properties leased primarily to national tenants (e.g., Office Depot,Walgreens, La-Z Boy) as well as a number of shopping centers priced between $5M to $15M. Since mid-June, however, three shopping centers have traded north of $15M. Including the nearly fully leased Springbrook Prairie Pavilion in Naperville, a 228k SF shopping center that's currently occupied by a number of strong national tenants (e.g., Whole Foods, Nordstrom, Cost Plus World Market). The Bond Cos., MDC Properties, and Midwest Commercial Realty sold the property to New Tower Trust Co. in July for $69M , or a s tunning $302/SF, well above the current market average of $162/SF. |
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