PMAT Sells Chicago-Area Shopping Center
The 124,005-square-foot property previously traded for $25 million.
PMAT has sold Downers Park Plaza, a 124,005-square-foot shopping center in Downers Grove, Ill. Broder & Sachse Real Estate purchased the asset.
Mid-America Real Estate Corp. brokered the transaction, with Principal Ben Wineman and Vice President Emily Gadomski working on behalf of the seller. At the time of the sale, the retail center was 94 percent leased.
PMAT purchased Downers Park Plaza back in 2018 for $25 million, according to CommercialEdge data. Protective Life Insurance Co. provided the acquisition loan, the same source shows.
Shop & Save Market anchors the shopping center, along with Dollar Tree, Phenix Salon Suites, Super CDA, Quilters Quest, CosmoProf, AAA and Hallmark. TJ Maxx/HomeGoods, Best Buy and Old Navy, among others, shadow-anchor the property.
The 21-acre Downers Park Plaza is at 7241 Lemont Road, within DuPage County. The retail center serves several nearby suburbs such as Darien, Westmont and Woodridge. The property is part of the 75th Street retail corridor, where the daily traffic count reaches approximately 61,000 vehicles, according to PMAT.
Downers Park Plaza serves around 231,000 individuals within a five-mile radius, with the average income of approximately $112,000. Downers Park Plaza is near Interstate 355, which allows easy access across the Chicago metropolitan area.
In the fourth quarter of last year, PMAT purchased a 317,006-square-foot grocery-anchored shopping center in Crystal Lake, Ill. Mid-America brokered the transaction.
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