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Chicago & Midwest  + Greater Chicagoland  + Retail  | 

Crest Hill Shopping Center Sells to California Buyer

Hanley Investment Group Real Estate Advisors has completed the sale of South Weber Plaza, a 28,600-square-foot multi-tenant retail property in the Will County community of Crest Hill, IL. Deal terms weren’t disclosed.

Hanley VP Jeff Lefko and EVP Bill Asher, along with Jonny Lefko, VP at Greenstone Partners of Chicago and brother of Jeff Lefko, represented the seller, a private partnership based in Illinois and Missouri. The two Lefkos and Asher also represented the buyer, an all-cash 1031 exchange buyer based in Southern California.

Located at 1801-1847 Knapp Rd. in Crest Hill, the shopping center was 100% leased at the time of sale. In 2018, the shopping center underwent a major renovation, which included a new façade, storefronts, signage, parking lot, HVAC and landscaping.

“California buyers, in search of higher yields, were attracted to the service-based, internet-resistant tenant line-up and the center’s recent renovation,” said Hanley’s Lefko.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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