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.