DRA Advisors has enlisted brokers from Mid-America Real Estate and Cushman & Wakefield to market 18 shopping centers in Chicago and its suburbs, according to Crain’s Chicago Business. This is one of the largest local retail portfolios available for sale in a long time.
New York City-based DRA is offering the portfolio as part of a larger package containing 3.7 million square feet of space across Minnesota, Ohio, Alabama and Illinois with an estimated value of $540 million.
The timing for this portfolio sale presents both opportunities and challenges when it comes to attracting investors; while rising interest rates last year have caused property values to decline making financing harder for buyers, shopping centers anchored by grocery stores are performing better than office buildings or regional malls which makes them more attractive investments overall.
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