Retail properties total 861k SF in Chicago, Markham, Ill. and Michigan City, Ind.
CHICAGO - May 16, 2017 - CBRE’s Chicago office has been retained to list three retail properties for Cannon Commercial Inc., comprising more than 861,000 square feet in the Chicago area and Northwest Indiana.
The properties can be purchased as a portfolio or as individual assets.
“These properties have been strong performers for Cannon for quite some time, but we are shifting our focus to other geographic markets and believe it is the right time to capitalize on them,” said Kam Mateen, principal of Los Angelas-based Cannon Commercial. “This is a great opportunity for an owner to purchase a solid portfolio, or, a well-performing single asset.”
The properties in the offering include:
- Jeffery Plaza: Located at 7131 S. Jefferey Ave. in Chicago, the 113,303-square-foot center is currently 86.8 percent leased and grocery-anchored by a new long-term lease with Shop n’ Save. It is being listed for $19,049,000 at a cap rate of 7.25%. Locaated in Chicago’s densely populated South Shore neighborhood, which borders Hyde Park, the property also boasts long-term leases with Chase, H&R Block, Papa John’s and more.
- Canterbury Plaza: This 266,355-square-foot retail center is located at 2959 W. 159th St. in Markham, Ill., and is currently 84.7 percent occupied. It is being listed for $16.5M at a cap rate of 7.2%. Key tenants include Charter Fitness, Fairplay Foods and Citi Trends.
- Marquette Place: Located at 450 St. John Road in Michigan City, Ind., the largest property in the offering, consists of 481,446 square feet. The center is currently 59.4 percent lease with a strong stable cash flow. It is being listed for $9M at a cap rate of 7.58%. Occupancy is currently 60 pecent. A strong value-add opportunity, the property is located along Michigan City’s primary retail stretch and is the only development available for street retail use. Tenants include Planet Fitness, Carson Pirie Scott and Athletico. Surrounding retailers include Lowes, Meijer and AMC Theaters.
“These properties all have tremendous upside potential,” said CBRE’s Polczynski. “In the case of Jeffery Plaza, the new lease with Shop N’ Save presents a great revenue opportunity. Each property is well-located in a strong population center with a good mix of tenants in place. Cash flow is strong and there is certainly a good value-add play available.”
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