CHICAGO – October 7, 2016 – Abington Emerson closed the sale of the Laraway Ridge Shopping Plaza (“Laraway”) in New Lenox, Illinois. The property was acquired two years earlier post foreclosure from a regional bank and was in need of attention from a proactive owner.
Since acquisition, Abington Emerson made numerous capital improvements, including buildout of 7,642 square feet of space for a local fitness franchise, which increased occupancy to 95%. The sale of the property allowed Abington Emerson and its investors to almost double their original investment in little over two years for an IRR of over 40%.
“The Laraway investment is another case study for the Abington Emerson value add investment approach to retail properties,” commented Executive Vice President Johnny Camarena. “We are very pleased with the repositioning of this asset and the outcome of this investment.”