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OSWEGO, IL-Inland Western Retail Real Estate Trust, Inc. did not have to cross the Mississippi River for its most recent acquisition. It bought a piece of the Oswego Commons Shopping Center, paying an affiliate of Minneapolis-based Ryan Cos. US, Inc. $35 million for 188,150 sf of retail space, or 38% of the property on US 34 at Douglas Road.

Ryan Cos. opened the center in 2002, with Target and Dominick's Finer Foods anchoring the first phase. Target, as well as Home Depot, are shadow anchors for the property acquired by Inland Western Retail but not part of the package now in the REIT's portfolio. The center in this Kendall County suburb was completed last year. Petco, Famous Footwear, Panera Bread, Payless Shoe Source and EB Games are on a tenant roster that also includes T.J. Maxx and Office Max.

The property is the third local retail asset acquired by the Oak Brook-based REIT, which bought Darien Towne Center and Gurnee Town Centre. However, the 105,000-sf Townes Crossing in Oswego is owned by an affiliated company, Inland Real Estate Corp.

"We know Oswego well," says Inland Real Estate Acquisitions senior vice president Lou Quilici, who handled negotiations for the REIT with Sharon Anderson-Cox. "This is a terrific addition to our collection of properties in our own backyard."

Dan Levitt handled negotiations for Ryan Oswego, LLC.

Instant Insights /

Inland Pays $35M for Piece of Oswego Commons

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