HICKORY HILLS, IL-The 205,957-sf, 21-year-old Hickory Palos Square shopping center is under new ownership. First Commercial Realty & Development Co. of Chicago paid Des Moines-based Principal Global Investors $25 million or $121.38 per sf for the 93%-leased, open-air property in this southwest Chicago suburb.

Principal Global sold the property, acting as an investment advisor and agent for an undisclosed owner. Rick Drogosz, a principal at Mid-America Real Estate Corp.'s investment sales group in Oakbrook Terrace, IL, negotiated for Principal. Drogosz tells GlobeSt.com the purchase price was below estimated replacement costs of about $150 per sf. He says the transaction took about 90 days to complete, from letter of intent to closing.

There were no environmental or governmental challenges that buyer, seller or broker had to overcome before closing. "It was pretty well a routine deal," Drogosz says. Jewel-Osco anchors the open-air center on the southwest corner of 95th Street and Roberts Road. Other tenants are Lewis University, Burger King, Dollar Tree, GNC, Quizno's, The UPS Store, Washington Mutual and Wells Fargo Financial.

Mid-America Real Estate Corp., a member of Mid-America Real Estate Group and a ChainLinks affiliate, has closed 25 deals valued at about $500 million in the first half of this year. That amounts to "about a 20% increase" over the same period last year, Drogosz tells GlobeSt.com. He says the southwest Chicago retail investment market remains active with national and institutional investors showing "good interest."

Principal Global Investors is a diversified asset management organization and a member of the 127-year-old Principal Financial Group. Principal Global manages $166.7 billion in assets as of March 31, according to the firm's website.

First Commercial Realty & Development Co. manages, leases and sells distressed and under-performing properties for various financial institutions.