DRA Advisors Sells Chicago-Area Shopping Center

Ross Dress for Less is one of Chestnut Court’s anchor tenants. Image courtesy of Mid-America Real Estate

First Tek Inc. has purchased Chestnut Court, a 172,697-square-foot retail center in Darien, Ill. DRA Advisors sold the asset in a transaction arranged by Mid-America Real Estate Corp., with Principals Rick Drogosz, Ben Wineman and Joe Girardi working on behalf of the seller.

DRA Advisors had acquired Chestnut Court back in 1998 for $16.1 million, according to CommercialEdge data. The property was part of a multi-asset portfolio that was refinanced through a $835 million loan from Wells Fargo Bank. Pine Tree served as property manager at the time.

Completed in 1986, Chestnut Court comprises two buildings on a 16.5-acre site. Ross Dress for Less and Jo-Ann Fabric anchor the shopping center; the tenant roster also includes a diverse mix of retailers such as The Salvation Army Family Store, T-Mobile, Home Run Inn Pizzeria and Kumon, among others.

Situated at the intersection of Lemont Road and 75th Street in the heart of the “4 corners” retail trade area, Chestnut Court has more than 860,000 annual visits. The center serves more than 566,000 people within a 3-mile radius; the average household income is more than $130,000 in the area.

DRA Advisors has recently sold another suburban Chicago property, a 326,084-square-foot retail center in Niles, Ill. Mid-America’s Ben Wineman and Rick Drogosz brokered the $20.5 million transaction.