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Essential Growth Properties Acquires Caton Crossing Retail In Plainfield For $15.4M

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SOLD
$15,400,000

Illinois

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Retail83,792 SF
Sold 05/13/2024
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Property Image
SOLD

Essential Growth Properties Acquires Caton Crossing Retail In Plainfield For $15.4M

2300 Illinois Highway 59

See Similar Deals
Retail83,792 SF
Sold 05/13/2024
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Retail
Price Per Square Foot:$183
Total Square Footage:83,792 SF
Transaction Type:Sale

The sale of Caton Crossing, a grocery-anchored shopping center in Plainfield, IL, has been finalized for $15.4 million. The property spans 83,792 square feet and is located at 2300-2322 Illinois Highway 59 in Plainfield. The asset is 100% leased and features a Tony’s Fresh Market grocery store.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $15,400,000
  • Buyer: Essential Growth Properties
  • Seller: Jordan Fried - Sterling Organization
  • Broker: Evan Halkias - Cushman & Wakefield
  • Market: Plainfield

Jordan Fried, the Principal of Sterling Organization, has expressed satisfaction with the income growth achieved during ownership of Caton Crossing. The strong investor interest in quality grocery-anchored centers was highlighted, catering to a demographic of over 75,000 residents with high average household income.

Players

Evan Halkias
Cushman & Wakefield
Evan Halkias
10 deals$159.9M volume
BROKER

Details

SOLD
IMAGE: Jordan Fried & Evan Halkias DATE: 05/13/2024 ADDRESS: 2300-2322 Illinois Highway 59 MARKET: Plainfield ASSET TYPE: Retail BUYER: Essential Growth Properties SELLER: Jordan Fried - Sterling Organization BROKER: Evan Halkias - Cushman & Wakefield (@CushWake) SALE PRICE: $15,400,000 SF: 83,792 ~ PPSF: $184 NOTE: Sterling Organization has announced the sale of Caton Crossing, a grocery-anchored shopping center in Plainfield, IL, for $15.4 million. The property, acquired by Sterling Organization's Investment Fund in March 2020 for $12.0 million, is 100% leased and anchored by a Tony’s Fresh Market grocery store, catering to a demographic of over 75,000 residents with high average household income. Jordan Fried, Principal of Sterling Organization, highlighted the strong investor interest in quality grocery-anchored centers and expressed satisfaction with the income growth achieved during ownership.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$54,712.96
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