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The dominant headlines about retail real estate these days are focused on brick-and-mortar's slow demise. (Although the reality is a bit more complex.) So placing an underperforming shopping center up for sale in this climate raises some eyebrows. But that is what a loan servicer is doing with a suburban strip mall, Crain's Chicago Business reports.
C-III Asset Management has retained NAI Global to market The Grove, a shopping center in Downers Grove. C-III seized ownership of the property in 2014 after its previous owners, Robin Realty & Management, failed to pay a maturing $11.5M mortgage on the property.
The Grove is 44.7% vacant but real estate professionals are adept at turning obstacles into opportunity. NAI Global is listing The Grove as a "value enhancement opportunity" in a high-traffic area. And a buyer could get The Grove for a song: it was appraised at $11.8M last year.
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