Faris Lee Investments has completed the sale of a 171,564-square-foot community center in the western suburb of Saint Charles, IL. Main Street Commons traded for $16.6 million, with a Faris Lee team representing the seller, Sabal Financial Group.
The property’s occupancy was slipping below 60% when Sabal acquired it as a distressed investment. “The seller took four years to reposition the asset after the center became approximately half vacant, providing immediate opportunity for a new investor to lease up the remaining vacancy to add value,” said Faris Lee senior managing partner Donald MacLellan, who marketed the property with CEO Richard Chichester and senior director Shaun Riley.
“In a time of major uncertainty and negative investor sentiment with box tenants in a secondary market, the key to a successful sale was to heavily market to private investors comfortable with the market,” said Chichester.