Oak Brook, Ill. — Inland Real Estate Corporation has announced the acquisition of Mokena Marketplace in Mokena, Ill., an affluent suburb located within the Chicago metropolitan area for $13.7 million in cash.
The 49,000-sq.-ft. Mokena Marketplace has leased approximately 76% of its space to PetSmart, Party City, Sally Beauty and Lee Nails, plus a free-standing Chase Bank on a ground lease and five developable out parcels. The community shopping center is shadow anchored by J.C. Penney and a new Meijer’s grocery store scheduled to open this summer, which provide outstanding regional drawing power to the center.
Mokena Marketplace is located approximately 30 miles southwest of downtown Chicago in the Mokena/Frankfort/New Lenox regional submarket, along the busy U.S. Route 30 retail corridor. The corridor is home to major national big-box retailers including Kohl’s, Target, Lowe’s, Wal-Mart and Menards among others.
The center’s surrounding population has a strong demographic profile, with average household income of $110,000 and population of 96,400 within a five-mile radius.