Greenstone Partners is pleased to announce the successful sale of Circle Plaza, a 100% occupied multi-tenant retail center located at 23-25 Harlem Avenue & 7200-7216 Circle Avenue in Forest Park, Illinois, for $8,410,000.
The transaction was brokered by Brewster Hague, Partner, and Connor Sheedy, Investment Advisor, of Greenstone Partners. The sale attracted multiple offers from qualified investors across the country.
Situated at the intersection of Harlem Avenue and Circle Avenue, Circle Plaza is an 18,486-square-foot retail center, features a diverse mix of nationally recognized and service-oriented tenants, including Dunkin’, Pep Boys, Bloc Dispensary, HEAL Wellness, and Sploot Veterinary Care. Originally developed in 1984, the retail center has nearly maintained 100% continuous occupancy throughout its history.
“Circle Plaza offered investors a rare opportunity to acquire an irreplaceable infill located retail asset with a proven operating history and significant long-term stability,” said Brewster Hague, Partner at Greenstone Partners. “The combination of long-tenured tenants, recent leasing activity, and a premier location at the intersection of Oak Park, River Forest, and Forest Park generated strong buyer interest. Investors continue to pursue high-quality retail centers in supply-constrained markets where strong real estate fundamentals and durable tenancy create long-term value.”
The property’s location was a key driver of investor interest. Positioned adjacent to both the CTA Green Line Harlem/Lake Station and Metra’s Union Pacific West Line, Circle Plaza benefits from exceptional accessibility and visibility along one of the western suburbs’ most active retail corridors. The surrounding area has also experienced substantial residential and commercial growth, with numerous new multifamily developments delivered in recent years and additional investment continuing throughout the Oak Park and River Forest markets.
“We continue to see strong demand for well-located retail properties throughout Cook County and the Chicago MSA,” said Connor Sheedy, Investment Advisor at Greenstone Partners. “Buyers are increasingly willing to accept lower cap rates for assets with strong real estate fundamentals, long-term leases, and established tenancy. Circle Plaza checked all of those boxes, which resulted in multiple competitive offers and a successful outcome for ownership.”
The transaction underscores continued investor demand for high-quality neighborhood retail centers anchored by necessity-based, service-oriented, and experiential tenants in premier infill locations throughout the Chicago metropolitan area.
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