Chicago & Midwest + Greater Chicagoland + Retail | May 17, 2023

DRA Advisors has put 18 Chicago-area shopping centers up for sale, part of a portfolio valued at $540 million

DRA Puts 18 Chicago-Area Shopping Centers on the Market

DRA Advisors has hired brokers at Mid-America Real Estate and Cushman & Wakefield to sell 18 shopping centers in Chicago and its suburbs, reported Crain’s Chicago Business. It’s among the biggest local retail portfolios to hit the market in a long time.

New York City-based DRA is selling the Chicago-area portfolio as part of a larger, 3.7-million-square-foot shopping center package that also includes properties in Minnesota, Ohio and Alabama. The entire portfolio is valued at $540 million.

The portfolio sale comes at both a good and bad time to attract investors, Crain’s reported. On the one hand, jump in interest rates last year and increased caution among lenders has pushed down property values and made it harder for investors to secure financing.

On the other hand, shopping centers, particularly those anchored by grocery stores, are performing well, especially compared to office buildings and many regional malls.

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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 13-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 15-20 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).

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