Business

Shoppes on Route 31 shopping center sold for $4 million

Posted May 23, 2021 11:00 pm

CARPENTERSVILLE - The Shoppes on Route 31 shopping center was recently sold for $3.95 million, according to Hanley Investment Group Real Estate Advisors.

Senior associate Brad Dessy of Hanley, in conjunction with ParaSell Inc., represented the seller, a private investor based in Arizona. The six-tenant property consists of Panda Express, ATI Physical Therapy, Game Stop, a dental office, SportClips and T-Mobile.

Built in 2007 on 1.03 acres at 27 S. Western Ave. in Carpentersville, the shopping center was purchased by a private investor in San Diego.

"We generated 13 qualified offers and secured an all-cash buyer based in Southern California along with a 35-day escrow period, and closed at 97% of the asking price," Dessy said, adding that more than half of the offers were from California-based buyers, which demonstrates the continued outflow of California capital to other regions of the country such as the Midwest.

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