An investor paid $1.2 million to acquire a North Side strip mall, marking its first retail investment in the Chicago market.
Kimball Park Plaza LLC closed on a sale June 10 to buy the 5,000-square-foot property at 3951 N. Kimball Ave. in Irving Park from 3951 Kimball LLC. The property includes 10 parking spaces and is fully occupied by Jet’s Pizza, CM Chicken and One Stop Shop.
All three tenants have triple-net leases and have several years of additional lease terms and option periods, according to Malek Abdulsamad with Greenstone Partners, who represented the buyer on the deal.
He said no upgrades are planned by the investor, who is starting to build a retail investment portfolio.
“The property is fully stabilized and in great shape,” said Abdulsamad.
Retail investors entering the local market with North Side properties is happening a lot this year.
“Retail investors are following the development trajectory as it extends further north and west,” Abdulsamad said. “Irving Park and nearby neighborhoods are experiencing a surge in boutique residential projects, increasing local density and, in turn, strengthening the retail base.”
Andrew Rubin with Frontline Real Estate Partners represented the seller.