NORTH AURORA, IL–(March 28, 2014) – Frontline Real Estate Partners closed the sale of the 38,380 square foot Clock Tower Plaza retail center in North Aurora. The property, located at the southeast corner of Randall Road & Oak Street, was leased to a mix of national, regional and local tenants including Subway, H&R Block, State Farm Insurance, and several others. The seller was a Chicago area bank that had foreclosed on the property. The buyer was a real estate investor seeking to create value through leasing up the 40% vacant retail center. The property was listed for sale with an asking price of $2,799,000.
Frontline was engaged by the seller in December 2013 as the third brokerage company to attempt to sell the property. According to Josh Joseph, one of Frontline’s principals, at least five competing offers were obtained from qualified investors, and within 90 days of listing the property, it was put under contract at a price that exceeded the seller’s expectations. The sale closed on March 28, 2014.
About Frontline Real Estate Partners
Frontline Real Estate Partners, LLC is a Chicago-based real estate investment and advisory company with expertise in the acquisition, management, disposition, and leasing ofcommercial real estate properties throughout the United States.Founded in 2010, Frontline invests in value-add properties and provides transactional and advisory services to banks, financial institutions, and owners with a focus on the real estate restructuring industry.