Transwestern’s Chicago office today announced it brokered the sale of Dyer Town Center by Shiner Properties to Phillips Edison for $18.5 million.
Located at 801-907 U.S. 30 in Dyer, the 95,083-square-foot center was developed in 2004 and is anchored by Jewel-Osco and includes Starbucks, Sherwin Williams and a UPS Store.
“The property’s location in northwestern Indiana was off the radar of most investors,” said Janice Sellis, Transwestern director of capital markets.
“Although the area is still considered the Chicago metro, many buyers were unfamiliar with Indiana and its unique advantages. Dyer Town Center is strategically located less than a mile from the Illinois border, yet it reaps the benefits of Indiana’s lower property and sales tax.”
Sellis and Paul Barile, Transwestern director, represented Shiner Properties in the transaction. The Chicago-based retail investment sales team has a combined 51 years of experience. The team has completed more than $2 billion in retail sales in the Midwest totaling more than 13 million square feet. The team’s market coverage includes Illinois, Indiana, Wisconsin, Minnesota, Michigan, Ohio, Kentucky, Kansas, Missouri, Nebraska and Iowa.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries.