DRA Advisors has bought Market at Six Corners, a 116,941-square-foot grocery-anchored city buying middle in Chicago.
NewMark Merrill acquired the asset for $22.4 million and financed the acquisition with a $14.9 million mortgage from United Omaha Life Insurance coverage Co., public data present.
Mid-America Actual Property Corp. Principal Rick Drogosz represented the vendor. The retail middle was managed by Pine Tree on the time of closing.
Anchored by Jewel-Osco, Marshalls, PetSmart and Well-known Footwear, Market at Six Corners has a fascinating mixture of credit score tenancy and near-term value-add alternatives.
Market at Six Corners got here on-line in 1997 encompassing 340,000 sq. ft—a 220,000-square-foot renovated Sears relationship again to the Thirties, a 70,000-square-foot Jewel-Osco and 50,000 sq. ft of further retail. The Sears retailer closed in 2018 and afterward turned topic to adaptive reuse, being redeveloped right into a six-story residential constructing.
Situated on 10 acres at 4660 W. Irving Park Highway within the historic buying district of Six Corners, the retail middle serves a inhabitants of roughly 1.1 million inside a 5-mile radius, in line with Pine Tree. The property is adjoining to the closely trafficked intersection of three main thoroughfares—Irving Park Highway, Cicero Avenue and North Milwaukee Avenue—the place the every day site visitors rely reaches round 90,000 automobiles.
Yet one more Chicago sale for DRA Advisors
Market at Six Corners is only one of a number of retail property DRA Advisors has not too long ago transacted within the Chicago market. Mid-America brokers represented the corporate in all offers.
Final month, the corporate bought a 115,754-square-foot value-add buying middle in Oak Forest, Unwell., to First Tek. The client had beforehand acquired a 172,697-square-foot retail middle in Darien, Unwell., from DRA.
Additionally in March, DRA bought a 649,668-square-foot open-air regional middle in Orland Park, Unwell., after almost 20 years of possession. PMAT bought the asset for $74.6 million.