Tiny Illinois retail plaza gets big price

Lee & Associates negotiated the sale of a 32,000-square-foot retail center in the Chicago suburb of Darien, Ill., for approximately $13.5 million.

The three-building retail center features 14 stores and is located at 2415-2445 W. 75th St.

Huntington Trust, a real estate company with multiple commercial property investments in Los Angeles and Chicago, purchased the property from Orix Realty. Built in 2006, the retail center's major tenants at the time of sale included Panda Express, Caribou Coffee and Cingular Wireless, all of which are under five- to 10-year lease agreements.

"This retail center is a great investment," said Doug Humphrey, senior vice president at Lee & Associates-LA North/Ventura Inc. "This is a brand-new facility that's 100 percent leased, and it's located in a high-traffic area that's close to a regional mall."

According to Humphrey, the transaction was part of a 1031 exchange from the sale of a multifamily property the buyer owned in Chicago. Humphrey indicated that Huntington Trust decided to move into the retail market in an effort to achieve a stronger return on investment.

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