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ST. CHARLES, IL-Chicago-based Covington Realty Partners advanced on its goal to invest $250 million by year's end with the acquisition of Main Street Commons, a 171,648-sf community shopping center at Route 64 and Kirk Road. It paid $32 million, or $186.43 per sf, to an unidentified limited partnership.

The property, located on a 20-acre, irregularly shaped site, was developed between 2000 and 2001. It is currently 94.6% leased. Among the tenants are Borders Books & Music, Stein Mart, Office Depot, Amish Furniture Gallery, Cost Plus World Market and Caribou Coffee. Two outparcels are operated by LaSalle Bank and Jared Jewelers under reciprocal access agreements with the center.

George Good, EVP in the Chicago office of CB Richard Ellis, led the marketing team and negotiated for the seller in participation with Bob Mahoney, Richard Frolik and Bill Wright of the same CBRE office. Good tells GlobeSt.com that the center's "combination of demographic growth, high-income consumers and market-dominant location typifies what investors are looking for in today's market." He says St. Charles is one of Chicago's fastest growing and most affluent suburbs with double-digit growth rates and average household incomes above $100,000 a year.

Covington has increased its portfolio by more than $178 million within the past 12 months, according to Marc Goldstein, president. Among its recent acquisitions are Lansing Town Centre in Lansing, MI, and the Lodge at Frisco Bay multifamily asset in Frisco, TX. "With our current pipeline," he says, investment "is expected to reach $250 million by year-end."

Instant Insights /

Covington Adds Suburban Center for $32M

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