CBRE Arranges Sale of 227,690 Square Foot Mount Prospect Plaza

CBRE has arranged the sale of Mount Prospect Plaza, a 227,690 square foot grocery-anchored community shopping center in Mount Prospect, IL. RPT Realty sold the property to LBX Investments, LLC in a transaction that closed August 18, 2022. A sale price was not disclosed.

CBRE’s George B. Good, Christian Williams, along with their National Retail Partners - Midwest team, represented the seller, RPT Realty, in the transaction.

Mount Prospect Plaza sits on 32.13 acres and is in the heart the Rand Road retail corridor, one of the top retail corridors in Chicagoland. The property includes blue-chip tenants such as ALDI, Marshalls, Burlington, Ross Dress for Less and L.A. Fitness. The property is also shadow anchored by Wal-Mart.

“This offering provided investors the opportunity to acquire a high-performing asset in a dominant retail corridor,” said Christian Williams. “It should come as no surprise the combination of location, tenant lineup, and potential value creations opportunities at Mount Prospect Plaza generated a great deal of interest.”

According to a recent CBRE research report, the Northwest Suburban submarket had 92,945 square feet of positive net absorption within Big Box retail space in Q2, 2022.