GW Properties Sells Overlook at Oak Brook for $41 Million

GW Properties Sells Overlook at Oak Brook for $41 Million

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GW Properties is exiting one in all its pandemic-era developments — a shopping mall within the western suburb of Oak Brook —for $41 million.

Chicago-based GW, which is among the most energetic retail builders within the space, offered the property for $41 million, in response to DuPage County data. The sale was reported final month, however the value was not disclosed on the time.

Mitch Goltz, principal at GW, mentioned the event sustained a sequence of challenges, weathering pandemic delays, rising building prices, market turmoil and rising rates of interest, however that it succeeded due to the energy of the tenants and the submarket.

“I name it the Covid particular as a result of there was actually no market situation that we weren’t topic to right here. There are many different tasks that we have now labored on the place anybody or two of this stuff that we needed to work via might have crippled the mission to the place it didn’t get off the bottom,” he mentioned.

The developer offered the property to  MetLife Funding Administration, which didn’t reply to a request for remark. Alex Sharrin and Michael Nieder with JLL Retail Capital Markets represented GW.

Positioned at 1715-1775 W. twenty second Road in Oak Brook, the procuring heart is 100-percent leased, with tenants together with Guidepost Montessori College, Lazy Canine Restaurant, Panera and Vet Emergency Group.

Goltz mentioned a lot of the narrative round retail is dictated by the efficiency of sure markets, however retail could be very segmented, with geographic areas and sure retailer sorts performing higher than others. All tenants in The Overlook at Oak Brook had been both companies that folks within the space wanted, or tenants relocating to a greater location.

“Oak Brook is among the strongest retail corridors within the nation, not to mention the Chicagoland market, so we’ve benefited by simply being top of the range actual property in a high quality market,” he mentioned. “That has clearly led to energy that will in any other case be very, very troublesome to see if it was a unique submarket.”

It’s not the one property the developer has offered within the final two years. In March, the corporate offered Waukegan Plaza, a 211,000-square-foot procuring heart, to a West Coast investor A Gardena for $16.8 million.
Final November, the corporate cashed in on a medical workplace property the agency constructed at Chicago’s busy Six Corners intersection, promoting the two-story constructing to Oak Brook’s Inland Actual Property Group for greater than $16 million.

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