Mid-America Real Estate Brokers the Sale of Crystal Point Shopping Center to PMAT
November 13, 2023
Mid-America Real Estate Corporation’s Investment Sales Group recently brokered the sale of Crystal Point Shopping Center, located in the northwest suburban Chicago community of Crystal Lake, Illinois. The 317,006-square-foot center was sold to PMAT Real Estate Investments, marking their 100th transaction since its inception in 2003.
Crystal Point is a strong performing, 87% leased grocery-anchored shopping center featuring a vacant Bed Bath & Beyond box for near term upside potential. The center is located along highly trafficked Northwest Highway with an outstanding demographic profile featuring 123,000 residents with average household incomes of $134,000 within a 5-mile radius of the center. Crystal Point boasts a submarket dominant tenant roster featuring TJ Maxx, Best Buy, Ross Dress for Less, The Fresh Market, Ulta, Steinhafels Furniture, and Cost Plus World Market, along with outlot users such as Starbucks, Panera, Potbelly, Jamba Juice, Five Guys, and Helzberg Diamonds.
Mid-America Real Estate Corporation Principals Ben Wineman, Rick Drogosz, and Joe Girardi were the exclusive brokers in the transaction on behalf of IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree.
PMAT Real Estate Investments is a real estate development and investment platform focused on value-add Select Open Air Retail (SOAR) investments across the Southeast, Sunbelt, Southwest, and Midwest regions with 100 completed transactions consisting of more than 11.5 million square feet with an aggregate value in excess of $1.35 billion. PMAT’s proven investment strategy is to acquire value-add Select Open Air Retail (SOAR) assets anchored by grocery, discount, off-price and necessity tenants and to create long-term value through redevelopment, renovation, and re-tenanting of these fundamentally strong investments.
For more information on PMAT, please visit www.pmat.com or contact email@example.com.
Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full-service offices in Illinois, Michigan, Minnesota, and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. The company manages and leases 60 million square feet of retail space and represents over 270 retailers. Mid-America’s Investment Sales Group represents clients in the sale of retail properties throughout the greater Midwest region. The Investment Sales Group’s strategic approach combines outstanding national exposure with the best local knowledge, resulting in the successful disposition of over $14 billion to date. For more information, visit www.midamericagrp.com.
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