Premium Illinois suburban open-air retail shopping center and medical asset trades hands in South Elgin

CHICAGO, Nov. 12, 2024 –  JLL Capital Markets announced today that it has arranged the sale of South Elgin Commons, a 94,508-square-foot destination retail center in South Elgin, Illinois.

JLL worked on behalf of the seller, PMAT Real Estate Investments—a nationally active buyer and seller of Suburban Open-Air Retail (SOAR) assets. The buyer was L2B Invest LLC.

South Elgin Commons, strategically located at 482-486 Randall Rd., sits approximately 40 miles from downtown Chicago along one of the busiest thoroughfares in the city's western area. As part of the premier shopping corridor of Chicago's Northwest suburbs, the center experiences high traffic volume with approximately 32,000 vehicles passing by daily. Its prime location offers convenient connectivity to the city and surrounding areas, benefiting from easy access to I-90 and I-290, as well as the Milwaukee District West Metra line.

South Elgin, consistently ranked among Money Magazine's Top 100 Best Places to Live in America, has become a thriving Chicago suburb known for its small-town charm and healthy economy. The area within a five-mile radius of South Elgin Commons boasts a population of over 156,000 with an average household income exceeding $146,000. South Elgin's desirability is further enhanced by its proximity to major employment centers and convenient transportation routes to downtown Chicago.

South Elgin Commons, spanning approximately 14.01 acres, serves as a premier retail and medical destination anchored by a brand-new Advocate Health Care outpatient care center, a recent TJ Maxx relocation store and Ross Dress for Less. Built in 2011 and partially renovated in 2021 and 2024, the plaza boasts a 100% occupancy rate. It features a diverse range of tenants, including the newly opened Advocate Health Care and a new construction Five Below, effectively addressing the community's retail and medical needs.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Director Michael Nieder and Managing Director Keely Polczynski.

“The sale of South Elgin Commons underscores the continued demand for high-performing, high-credit retail centers in affluent suburban areas,” said Nieder. “With its strong mix of national retailers, best-in-class medical anchor and prime location in one of Chicago's growing submarkets, this property represents an excellent investment opportunity for L2B Invest LLC."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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