First Tek has bought Oak Forest Commons, a 115,754-square-foot value-add procuring heart in Oak Forest, Ailing. DRA Advisors bought the asset with the help of Mid-America Actual Property Corp.
Oak Forest Commons’s tenant roster features a various mixture of nationwide retailers equivalent to Nice Clips, Dotty’s, Anytime Health, Eternally 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 Road and Central Avenue, Oak Forest Commons serves greater than 81,000 people inside a 3-mile radius, with a median family revenue of roughly $94,000, in accordance 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, Ailing., in a transaction organized by the identical Mid-America brokers.
Then again, DRA has bought a number of Chicago-area property in latest months. One among them was Orland Park Place, a 649,668-square-foot open-air regional heart in Orland Park, Ailing., that modified arms for $74.6 million. As soon as once more, Mid-America brokered the deal on behalf of the vendor.
In response to 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 procuring heart in Crystal Lake, Ailing., for $32.4 million or $102.2 per sq. foot.
