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Hanley Investment Group Completes Sales of Three Multi-Tenant Retail Centers in the Chicago Suburbs to Three Out-of-State Buyers

PLANO, WAUKEGAN & NEW LENOX, Ill. – RealEstateRama – 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 arranged the sales of three multi-tenant retail properties in Chicagoland to three out-of-state private investors in separate transactions. The combined value of the three separate transactions totaled more than $10 million and 76,357 square feet.

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Lakewood Springs Commons in Plano, Illinois

In the first transaction, Hanley Investment Group’s Vice President Dylan Mallory and Executive Vice Presidents Jeff Lefko and Bill Asher, in association with ParaSell, Inc., represented the seller, a private investment group based in Chicago, in the sale of Lakewood Springs Commons in Plano, Illinois (Kendall County). Built in 2007, Lakewood Springs Common is a 26,300-square-foot, multi-tenant retail center located on 5.38 acres at 200-270 Mitchell Drive. The property was anchored by a successful daycare operator and is located within an hour’s drive of downtown Chicago. The buyer was a private investor based in New Jersey and was represented by Greg Cline of The Cline Company based in Corona del Mar, California. The sale price was $3,050,000.

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Cedar Center in New Lenox, Illinois

In the second transaction, Hanley Investment Group’s Mallory, Lefko and Asher, in association with ParaSell, Inc., represented the seller, a private investment group based in Chicago in the sale of Cedar Center in New Lenox, Illinois (Will County). Built in 2007, Cedar Center is a 22,370-square-foot, multi-tenant retail center located on 3.86 acres at 100-196 West Illinois Highway. The property featured several tenants with long-term operating history at the property and was anchored by Rosati’s Pizza and Key Autism. The buyer was a private investor based in Los Angeles, California and was represented by David Cendejas, a senior advisor at SVN Vanguard in Santa Ana, California. The sale price was $3,455,000.

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Bay Ridge Court in Waukegan, Illinois

In the third transaction, Hanley Investment Group’s Lefko and Asher, in association with ParaSell, Inc., represented the seller, Fortune Bank in Arnold, Missouri, in the sale of Bay Ridge Court in Waukegan, Illinois (Lake County). Built in 1991 and remodeled in 2020, Bay Ridge Court is a 27,687-square-foot, multi-tenant retail center located on 2.26 acres at 422-484 North Green Bay Rd. The buyer was a private investor based in Los Angeles and was represented by Douglas Cole, senior associate at Marcus & Millichap, also based in Los Angeles. The sale price was $3,575,000.

“We found unique ways of marketing the properties to show their value to out-of-state investors, who were not familiar with the Chicago suburbs,” Mallory said. “The properties were 95% occupied or better and featured daily needs retail tenants with long-term historical occupancies at the properties. Tenants such as local pizza restaurants, liquor stores, nail salons and dentists, are frequently visited by nearby residents and are able to sustain successful operations over a long period of time.”

Lefko adds, “Investors were also attracted to these investment opportunities due to the low price per square foot. At an average of $132 per square foot, the properties sold for significantly below their replacement cost. Many investors are seeking shelter in similar types of retail assets that cannot be built for the same costs in today’s inflationary market.”

Chicagoland is the third largest metropolitan statistical area in the U.S. and has approximately 10 million people. Chicago is home to over 400 major corporate headquarters and was the second most visited city in the nation with 60 million visitors in 2019.

Hanley Investment Group has sold $705 million in retail properties in the Midwest in the last 48 months.

About Hanley Investment Group 

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $9.1 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 set 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

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