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Chicago & Midwest  + Greater Chicagoland  + Retail  | 

Faris Lee Closes Sale of Repositioned St. Charles Retail

Faris Lee Investments has completed the sale of a 171,564-square-foot community center in the western suburb of Saint Charles, IL. Main Street Commons traded for $16.6 million, with a Faris Lee team representing the seller, Sabal Financial Group.

The property’s occupancy was slipping below 60% when Sabal acquired it as a distressed investment. “The seller took four years to reposition the asset after the center became approximately half vacant, providing immediate opportunity for a new investor to lease up the remaining vacancy to add value,” said Faris Lee senior managing partner Donald MacLellan, who marketed the property with CEO Richard Chichester and senior director Shaun Riley.

“In a time of major uncertainty and negative investor sentiment with box tenants in a secondary market, the key to a successful sale was to heavily market to private investors comfortable with the market,” said Chichester.

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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).

  • ◦Sale/Acquisition