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Armco Properties Sells Retail Centers In Mokena And Woodridge For $6.8 Million

Property Image
SOLD
$6,800,000
Peter Block
Rachel Patten

Illinois

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Retail158,748 SF
Sold 07/23/2024
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Property Image
SOLD

Armco Properties Sells Retail Centers In Mokena And Woodridge For $6.8 Million

19102 88th Avenue, 19140 88th Avenue, 8258 Janes Avenue & 8290 Janes Avenue

See Similar Deals
Retail158,748 SF
Sold 07/23/2024
Peter Block
Rachel Patten
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Retail
Price Per Square Foot:$42
Total Square Footage:158,748 SF
Transaction Type:Sale

The transaction involved two strip centers located at 19102-19140 88th Avenue & 8258-8290 Janes Avenue in the Mokena and Woodridge markets. The properties were sold for a total of $6,800,000, encompassing a total square footage of 39,687, resulting in a price per square foot of $171. Both properties are fully leased, featuring long-term tenants, which adds stability to the investment.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $6,800,000
  • Square Footage: 39,687
  • Price per Square Foot: $171
  • Address: 19102-19140 88th Avenue & 8258-8290 Janes Avenue
  • Market: Mokena & Woodridge
  • Seller: Armco Properties
  • Broker: Peter Block & Rachel Patten - Colliers

Peter Block and Rachel Patten from Colliers represented the seller, Armco Properties, in this transaction. This sale marks the third successful transaction facilitated by Colliers for Armco Properties in the current year, underscoring the brokers' expertise in handling retail property sales.

Players

Peter Block
Colliers
Peter Block
2 deals$7.7M volume(312) 343-1800
BROKER
Rachel Patten
Colliers
Rachel Patten
2 deals$20.8M volume(317) 713-2348
BROKER

Details

SOLD
IMAGE: Peter Block & Rachel Patten DATE: 07/23/2024 ADDRESS: 19102-19140 88th Avenue & 8258-8290 Janes Avenue MARKET: Mokena & Woodridge ASSET TYPE: Retail SELLER: Armco Properties BROKERS: Peter Block & Rachel Patten - Colliers (@ColliersInternational) SALE PRICE: $6,800,000 SF: 39,687 ~ PPSF: $171 NOTE: Colliers' Peter Block and Rachel Patten facilitated the sale of two Chicago area strip centers by Armco Properties for nearly $6.8 million to a private investor. The properties, located in Mokena and Woodridge, are fully leased with long-term tenants, marking Colliers' third sale for Armco this year

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$362,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$24,158.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$32,235.47
Annual Debt Service$386,825.63