PMAT Buys Chicago-Area Shopping Center
The suburban property traded for more than $32 million.
Crystal Point Shopping Center had a leasing rate of 87 percent at the time of the sale. Image courtesy of Mid-America Real Estate Corp.
PMAT Real Estate Investments has purchased Crystal Point Shopping Center, a 317,006-square-foot grocery-anchored shopping center in Crystal Lake, Ill. DRA Advisors sold the asset for $32.4 million and b1Bank provided a $20 million acquisition loan, according to public records.
Mid-America Real Estate Corp.’s Investment Sales Group brokered the deal, with Principals Ben Wineman, Rick Drogosz and Joe Girardi working on behalf of the seller.
The asset was 87 percent leased at the time of sale. The tenant roster includes TJ Maxx, Best Buy, Ross Dress for Less, The Fresh Market, Ulta, Steinhafels Furniture and Cost Plus World Market. The center also features outlot users, including Starbucks, Panera, Potbelly, Jamba Juice, Five Guys and Helzberg Diamonds, along with a vacant Bed Bath & Beyond box.
Completed in 1974, Crystal Point Shopping Center comprises four buildings at 5764 Northwest Highway, a route that provides direct access to downtown Chicago. The 30.6-acre property serves approximately 123,000 individuals within a 5-mile radius, with an average household income of $134,000.
DRA Advisors recently sold Four Flaggs, a 326,084-square-foot grocery-anchored shopping center in Niles, Ill., for $20.5 million. Mid-America Real Estate Corp. brokered the transaction on behalf of the seller, while Nassimi Realty purchased the asset.
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