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$11,427,000 in Sales in 48 Minutes
» Wednesday, October 17, 2007
NORTHBROOK, ILLINOIS (October 17, 2007) – Chartwell Group Commercial Real Estate Brokers Reports $11,427,000 in sales of an Illinois Shopping Center in just 48 minutes. The September 25, 2007 Chartwell Group Shopping Center Auction at the Renaissance Hotel in Suburban Chicago, Illinois produced the following sales results in just 48 minutes of bidding. Bud Blinick & Mike Berland, Brokers & Auctioneers with the Northbrook, Illinois Office of Chartwell Group Commercial Real Estate Brokers handled the sales at auction.
1. Albany Square Shopping Center, 4445 N. Pulaski, Chicago, IL. A 33,000 Sq. Ft. Center with Net Annual Income of about $786,710, requiring a one-year lease guarantee from the seller for a 1,143 vacant space that may shortly be leased to Sprint. The Shopping Center sold for $9,048,000 or about $275 per Sq. Ft. to buyers from California. One of the highest prices ever paid in Chicago for a "mid-block" neighborhood shopping center. There were eight bidders from six different states for the shopping center.
2. Richmond Avenue Shopping Center, Mattoon, IL. 68,000 Sq. Ft. Center. Formerly a Wall Mart, now 2/3rd's occupied by Lakeland College and Dollar General. Negative Rent Reductions beginning in 2008 will reduce Net Annual Income from about $165,000 to $140,000. This property, located about 180 miles directly South of Chicago in Central Illinois sold for $1,537,000. There were six bidders for the property.
3. 2043-2055 W. 79th St., Chicago, IL. 8,400 Sq. Ft. Center with Net Annual Income of about $78,727. The property is fully occupied and was offered without reserve & regardless of price. 21 bidders competed to purchase the asset. The Center sold for $842,700.