CHICAGO – June 18, 2018 – Abington Emerson closed the sale of a 17,630 square foot retail plaza in Crest Hill, Illinois. The property was acquired in 2016 from a regional bank post foreclosure. At that time, it was poorly managed by a receiver and ran a high vacancy rate, making it an attractive value-add opportunity. In less than two years, Abington Emerson stabilized the Plaza, addressed all deferred maintenance issues and sold the property, netting investor returns of over 26%.
“Abington Emerson is very pleased with our investment and turnaround of yet another retail asset in Illinois,” commented John Racich of Abington Emerson “We have a long history in the region and continue to look for new value-add opportunities across all asset types.”