Avison Young Announces Sale of Multi-Tenant Retail Center in Homewood, IL17 Dec 2019
Los Angeles – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $1.225 million sale of a 6,510-square-foot (sf) multi-tenant retail property located at 17925 S Halsted Street in Homewood, IL, just 25 miles south of downtown Chicago.
Avison Young Principals Chris Maling and David Maling, who are both based in the company’s downtown Los Angeles office, represented the seller a special servicer from California, as well as the buyer, a value-add entrepreneurial investor from California, Robert Rivani with Black Lion Investment Group.
“This was a prime opportunity for an investor to secure a cash-flowing asset in a suburban location near the Chicago MSA,” said Chris Maling. “The buyer plans to add value by leasing up the vacancy and operating the asset to grow the net operating income.”
Built in 2005 and situated on .49 acres, the property is 92 percent occupied with tenants including T-Mobile, Red Wing Shoes, and GameStop. Additionally, the asset is part of a larger center which includes nationally recognized retailers including The Home Depot, Walmart, Kohl’s, Menards, Jo-Ann Fabrics, Office Max, T.J. Maxx, Best Buy, and Starbucks, among others.
The retail center is well-located on Halsted Street, a heavily trafficked commercial thoroughfare which sees more than 34,000 daily vehicle trips and is just one-mile south of the interchange for interstates 94, 294, 80 and 57.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224