Nassimi Realty has recently purchased Joffco Square, a retail center situated at 555 West Roosevelt Road in Chicago’s South Loop, for $9.25 million. The property spans over 100,000 square feet and was bought at a price of $92 per square foot. It was previously acquired by the previous owner for $27 million.
Joffco Square boasts major retailer Best Buy as its anchor tenant and is also shadow-anchored by Home Depot. Positioned on the bustling Roosevelt Avenue, it sits directly across from popular stores such as Whole Foods, Nordstrom Rack, Dick’s Sporting Goods and Marshalls.
This acquisition adds to Nassimi Realty’s growing portfolio of retail properties in the Chicago area following their recent purchase of Lake Plaza in Waukegan. This marks the third direct transaction between Nassimi Realty and Pinetree.
According to Kevin Nassimi, Principal at Nassimi Realty: “The exceptional location of Joffco Square combined with high traffic from various modes of transportation – including bus routes,trains,and cars – makes it an ideal retail destination for all residents in the greater Chicago region.”
The article originally appeared on Connect CRE.
