DRA Advisors Sells Chicago-Area Retail Asset
Northpond Partners has purchased Iroquois Center, a 108,412-square-foot value-add neighborhood center in Naperville, Ill. DRA Advisors sold the asset in a transaction brokered by Mid-America Real Estate Corp.
The new owner paid $9.4 million for the neighborhood center and used a $9.9 million loan from Inland Mortgage Capital for the acquisition, according to CommercialEdge data. DRA Advisors had purchased the retail center for $11.9 million back in 1998.
Iroquois Center came online in 1981. Its tenant roster includes a diverse mix of national and regional retailers such as Planet Fitness, Duly Health and Care, Illiana Financial Credit Union, Cookies by Design, Spa Oasis, Travel Leaders and DPC Computer, among others.
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Situated on some 12 acres at 1163 Ogden Ave., Iroquois Center is near Route 34 and Interstate 88, which allow easy access to downtown Chicago.
Mid-America Principals Joe Girardi, Rick Drogosz and Ben Wineman from the Investment Sales Group brokered the deal on behalf of the seller.
DRA’s strong activity in Chicagoland
Iroquois Center is just one of the many Chicagoland assets that DRA traded since the beginning of the year. Last month, the firm sold Townes Crossing, a 105,731-square-foot grocery-anchored retail center in Oswego, Ill. Other transactions involved the Marketplace at Six Corners, a 116,941-square-foot grocery-anchored shopping center in Chicago, and Oak Forest Commons, a 115,754-square-foot value-add retail asset in Oak Forest, Ill.
According to a first-quarter Lee & Associates report, Chicago’s retail market is experiencing its highest demand for retail space since 2017, up by 1.9 million square feet year-over-year. Meanwhile, leasing activity marked another consecutive quarter of positive absorption since Q3 2021, leading to an availability rate below 6 percent, a record low.
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