DRA Advisors Sells Chicago-Area Retail Center

Fresh Farms International Market anchors this Niles, Ill. retail center. Image courtesy of Mid-America Real Estate Corp.

Nassimi Realty has purchased Four Flaggs, a 326,084-square-foot retail center in Niles, Ill. DRA Advisors sold the property for $20.5 million, according to public records.

Mid-America Real Estate Corp. brokered the transaction, with Principals Ben Wineman and Rick Drogosz working on behalf of the seller.

Anchored by Fresh Farms International Market, the property is home to local and national tenants such as Marshalls, PetSmart, Old Navy, JoAnn, Wendy’s, AutoZone, McAlister’s Deli, Starbucks, CosmoProf, Five Below, Tang Korean Restaurant and Ashley Furniture. At the time of the sale, Four Flaggs was 75 percent leased and managed by Pine Tree.

Completed in 1973, the grocery-anchored shopping center comprises four one-story buildings spread on a 22.5-acre site at 8305 W. Golf Road, within Chicago’s North Shore. Having major street exposure, Four Flaggs is close to North Milwaukee Avenue and Route 14, which provide access across the Chicago metropolitan area.

DRA Advisors has recently sold another Chicagoland property, a 226,029-square-foot shopping mall in Geneva, Ill., with the assistance of Mid-America Real Estate Corp.’s Investment Sales Group. The firm had acquired the asset in 1999 for $24.2 million.