Colliers Arranges Sale of Two Chicago Area Strip Malls

Colliers Net Lease Investment team of Chicago’s Peter Block and Rachel Patten recently represented Armco Properties in the sale of two Chicago area strip centers: 19102-19140 88th Ave. in Mokena and 8258-8290 S. Janes Ave. in Woodridge, to a private investor. The properties traded at close to asking price which was $6.8 million. 
 
19102-19140 88th Avenue in Mokena is a 16,482-square-foot property with food and service tenants. Five of the tenants have been on-site since 2015, while the sixth has been there since 2003 when the property was developed. The property is currently 100% leased.  

8258-8290 S. Janes Avenue in Woodridge is located just west of the I-355 and 83rd St. intersection. The strip mall is anchored by a food mart and service-oriented tenants. Both strip malls offer long-term tenancies, with most tenants paying below-market rents.

This is the third property sale Colliers has arranged on behalf of Armco this year. In April, Block and Patten represented the shopping plaza operator in its sale of Maple Plaza in Downers Grove to a private investor for $5.8 million.