Colliers International’s Alex Perez, Chris Garavaglia and Chris Irwin arranged the sale of a multi-tenant shopping center located at 4720 S. Cottage Grove Avenue in Chicago to a private investor for an undisclosed sum. The Colliers team exclusively represented the seller in the transaction, Skilken Gold Real Estate Development, and procured the buyer.
The 54,932-square-foot, Class A shopping center was built in 2014 and is anchored by Walmart Neighborhood Market. Other tenants include Burger King, Subway, Associated Bank and Snipes. Sleek and modern, the mixed-use property also includes three stories of apartments (72 units) directly above the property and a surface parking lot that can accommodate 85 cars.
Located just five miles south of the CBD, the shopping center benefits from its premium location at the corner of 47th Street and Cottage Grove Avenue as well as a densely populated neighborhood. It is 100 percent leased.
“This transaction is proof that investor appetite remains high for well-located retail centers with credit tenants despite the pandemic,” said Perez.