HFF closes $24.5 million sale of grocery-anchored retail center in suburban Chicago
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $24.5 million sale of Yorkville Marketplace, a 111,591-square-foot, grocery-anchored retail center in Yorkville, a western Chicago suburb.
HFF worked on behalf of the seller, a partnership between American Realty Advisors and Tucker Development. Inland Real Estate Income Trust, Inc. purchased the asset.
Yorkville Marketplace is anchored by Jewel-Osco, which is Chicago’s No. 1 grocer by market share. The property is 92.5 percent leased to a strong mix of national and local necessity retailers, including Panera Bread, Office Max, Starbucks and AT&T. The center is situated on 17.95 acres at the intersection of U.S. Route 34 and Illinois State Route 47. This location is the connection point for the residents of Kendall, Kane, DuPage and Will Counties and has an average traffic count exceeding 39,000 vehicles daily. The property is surrounded by a rapidly growing and affluent trade area with average household incomes of $92,000 within a three-mile radius.
The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and managing director Daniel Kaufman.
“Over the past few years, there have been very few Jewel-anchored grocery centers on the market in Chicago,” Sands said. “Yorkville Marketplace was an excellent opportunity for investors to acquire a well-located property with a market dominant grocery operator.”
About American Realty Advisors
With approximately $6.7 billion in assets under management, American Realty Advisors (American) is an investment manager to institutional investors and has provided real estate investment management services for more than 26 years utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family and retail properties. More information regarding American can be found at www.americanreal.com.
About Tucker Development
Tucker Development, founded by Richard H. Tucker in 1996, is a leading developer and manager of shopping centers and mixed-use properties in key Midwest and East Coast barrier-to-entry markets. The company pursues mixed-use and retail-related real estate investments that provide an opportunity to enhance value through development, redevelopment, repositioning and recapitalization. The company’s development, management and leasing portfolio exceeds five million square feet and continues to grow through the company’s development and acquisition activity. For more information on Tucker Development, visit www.tuckerdevelopment.com.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring primarily core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation. For more information on Inland Real Estate Income Trust, visit www.inlandincometrust.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.