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First Tek has bought Oak Forest Commons, a 115,754-square-foot value-add buying heart in Oak Forest, In poor health. DRA Advisors offered the asset with the help of Mid-America Actual Property Corp.
Oak Forest Commons’s tenant roster features a various mixture of nationwide retailers reminiscent of Nice Clips, Dotty’s, Anytime Health, Without end Grace, Munchy Flames and Drippy Smoke. Pine Tree was the asset’s property supervisor on the time of its sale.
Situated on the nook of 159th Avenue and Central Avenue, Oak Forest Commons serves greater than 81,000 people inside a 3-mile radius, with a mean family earnings of roughly $94,000, in keeping with Mid-America. The agency’s Principals Rick Drogosz, Ben Wineman and Joe Girardi represented DRA Advisors.
A protracted historical past of Chicago retail transactions
The truth is, Oak Forest Commons was not the primary retail asset acquired by FirstTek from DRA Advisors. On the finish of final yr, the agency bought a 172,697-square-foot retail heart in Darien, In poor health., in a transaction organized by the identical Mid-America brokers.
Alternatively, DRA has offered a number of Chicago-area property in latest months. Certainly one of them was Orland Park Place, a 649,668-square-foot open-air regional heart in Orland Park, In poor health., that modified fingers for $74.6 million. As soon as once more, Mid-America brokered the deal on behalf of the vendor.
Based on a latest Lee & Associates report, one of many metro’s largest sale transactions by sq. foot within the fourth quarter of final yr additionally concerned a DRA Advisors property. In November, PMAT acquired the 317,006-square-foot buying heart in Crystal Lake, In poor health., for $32.4 million or $102.2 per sq. foot.
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