BOURBONNAIS – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of a new construction, 9,723-square-foot retail property at Bradley Commons, a Walmart Supercenter-anchored shopping center located in the Chicago metro area. The sale price was $4,350,000. Hanley Investment Group has been one of the most active retail investment brokerage companies in the Midwest with over $427 million in sales in the last three years including 36 retail transactions in the last 12 months.
Hanley Investment Group’s Executive Vice Presidents Jeff Lefko and Bill Asher, in conjunction with ParaSell, Inc., represented the seller, Midland Atlantic Properties of Cincinnati, Ohio. The buyer was a private investor from Des Moines, Iowa.
“We generated multiple qualified offers through the Hanley Investment Group proprietary database and procured a private Midwest-based buyer that recognized the value of an internet-resistant tenant mix, despite the tertiary location,” said Lefko. “The Jersey Mike’s Subs rare end-cap drive-thru, along with the recent expansion and lease extension of Midwest Express Clinic, were key features to the investment that have it well-positioned for long-term success.”
Located at Bradley Commons at 2070 N. State Route 50 in the village of Bourbonnais, the four-tenant pad building includes Jersey Mike’s Subs with a drive-thru, Midwest Express Clinic, AT&T and uBreakiFix. The 1.29-acre property was built in 2018.
“In May 2020, during the initial stages of the pandemic, Jersey Mike’s extended its lease and renovated its store, showing further commitment to an already successful drive-thru end-cap location,” said Asher. “Quick-service restaurants with drive-thru locations typically account for 60% to 70% of sales and locations with a drive-thru will have at least 25% higher sales than locations without a drive-thru. Never has this been more evident than during the COVID-related indoor dining closures. The Bourbonnais store is the Jersey Mike’s operator’s only drive-thru location.”
Bradley Commons features a variety of national tenants including Bed Bath & Beyond, Kohl’s, Dick’s Sporting Goods, Five Below, Petco, ULTA Beauty, Olive Garden, Buffalo Wild Wings, McDonald’s, Taco Bell, Sleep Number, Verizon, T-Mobile, Great Clips, GameStop, Discount Tire, Murphy USA, and more.
Hanley Investment Group has arranged the sale of 14 retail properties in the Chicago metro area in the last 36 months valued at over $67 million and totaling over 230,000 square feet. “The Midwest has benefited from aggressive western U.S. capital,” said Lefko. “There continues to be an unprecedented number of buyers from the western U.S. who are willing to pay a premium above local buyers for quality net-leased real estate. This influx of out-of-state capital has forced local Midwest investors to pay lower cap rates than in the past.”
Lefko adds, “We expect that those retail businesses that are internet-resistant and performed well during the pandemic, will continue to do so throughout 2021 and be the types that are highly sought after by investors.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $7.7 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first, sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
