LINCOLN PARK — Four connected retail buildings on Armitage Avenue have sold to a San Diego-based investor for nearly $15 million.
A private seller, which Crain's identified as Chicago trader Don Wilson, sold the stretch of buildings from 1123 to 1133 W. Armitage Avenue known as the Armitage Collection to LLJ Retail Ventures, the private-equity arm of investment management firm LM Capital Group, for $14.7 million, according to Cook County records.
Chicago-based brokerage firm Baum Realty Group, which represented the seller, said the four buildings cover 32,604 square feet of retail space.
"Marketplace participants are eager for stable, well-located properties in which capital is preserved yet yields a fair return. The Armitage Collection met those investment requirements, hence the high-level of interest from nationwide investors," Greg Dietz, managing director for Baum Realty Group, said in a prepared statement.
Currently, the Armitage Collection's local tenants include preschool Goddard School, Salon 1800, designer Susan Fredman Design Group, Studio Lagree gym and Pressbox dry cleaning.
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LLJ's founder and managing partner, Leonardo Simpser, told Crain's that the local tenants appealed to the investor.
“Even though it has local tenants, and not large chains with good credit, these particular tenants are all successful tenants,” Simpser told Crain's. “You need to do the work and understand what local tenants are doing. What do I care if they're local tenants, if they're paying the rent."
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