Peter L. Block, executive vice president, and associates Jared Prince and Jason Yale, all with the Investment Services Group of Colliers International | Chicago, represented the private investor in the sale of Cress Creek, a multi-tenant shopping center located at 1001-1037 W. Ogden Avenue in Naperville, Illinois. A private local buyer represented by Madan Khatri of Berkshire Hathaway American Heritage Real Estate closed on the $4 million purchase on September 29, 2017.
The two-building, 28,997-square-foot Cress Creek shopping center is located on Ogden Avenue, the main retail thoroughfare of Naperville, at Royal St George Drive. The 100 percent occupied property has an array of 16 national, regional and local tenants including Lover’s Lane, Army Corp of Engineers, State Farm, Allure Salon, Little Sicilian Pizza, Extra Value Food & Liquor, Taylormade and Express Laundry.
The shopping center offers premier visibility with 35,000 vehicles passing the property every day. Nearly 83,000 people live within a three-mile radius with an average household income of $124,400.
Located 28 miles west of Chicago, Naperville is home to approximately 145,000 people. The thriving city ranks as a top community in the nation, with its acclaimed schools and healthcare options, and its access to public transportation, housing and employment options. Naperville business owners enjoy easy access to major interstate highways, O’Hare International and Midway airports, and passenger and freight railroad systems.
The Block Net Lease Investment Team assists commercial property investors in the disposition and acquisition of single tenant net lease investments and multi-tenant shopping centers from $1 million to $25 million. For more information on the Block Net Lease Investment Team, please visit http://www.colliers.com/en-us/chicago/blockinvestmentteam/home.
Cress Creek shopping center sells for $4 million
Date Published: 10/09/2017