VERNON HILLS, IL-The 191,418-sf Marketplace at Vernon Hills, as well as a one-acre outlot, have been acquired by Principal Real Estate Investors for $36.8 million. Bradford Equities VH LLC sold the shopping center at 413 Milwaukee Ave. to the division of Des Moines-based Principal Financial Group, which sees upside beyond 100% occupancy of the center.
"The location and demographics of this shopping center are near the top for Chicago," says Principal Real Estate Investors managing director of acquisitions Mark Hanrahan. Median family income in the shopping center's census tract is nearly $200,000, 2.4 times the metropolitan area.
The five tenants at Marketplace at Vernon Hills, managed by Mid-America Asset Management, include Ashley Furniture Industries, Bed, Bath & Beyond, Jo-Ann Stores, DSW Shoe Warehouse and Old Navy.
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