Northbrook, IL- March 29, 2017 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of Archer Station, a fully leased four tenant shopping center located at 2620-2640 W Pershing Road in Chicago, Illinois for $24,312,811. The property is fully leased to LA Fitness, Ross Dress for Less, AT&T Wireless and Athletico Physical Therapy in a densely populated urban in-fill location with significant barriers to entry.
Archer Station is strategically located at the signalized intersection of Archer Avenue and Pershing Road. The surrounding area is densely concentrated with commercial and residential buildings providing for significant barriers to entry. The property is benefitted by its proximity to Interstate 55 which is located approximately one-half mile north of the property. The 35th & Archer CTA Orange Line “L” Station is located blocks from the property and links residents in the surrounding area to downtown. The center is a green development and includes features such as permeable pavers in the parking lots as well as all of the buildings having been built to a higher energy efficiency level.
The original 15 year LA Fitness lease expires in February 2031. The lease features 10% rental escalations every five years throughout the primary term and in each of the four 5-year renewal option periods. The 10 year Ross Dress for Less lease commenced December 2016. The lease features a 10% rental escalation in the sixth lease year and escalations in each of the four 5-year renewal option periods.