Jeffrey Kowal, SVP with Edgemark Commercial Real Estate ServicesLLC, represented the seller. Rueben Helich, with Wilson BrosCommercial, represented the buyer.

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The acquisition was part of a 1031 exchange. The buyer assumedthe existing loan for the center and used the proceeds from thesale of a property in California toward the acquisition of theWaterside Center and an office building in Colorado, Kowalsays.

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The buyer liked the location near Route 59 in the Fox ValleyCorridor and the demographics in the city, Kowal says. The retailcenter, which was constructed in 2004, is on a nearly six-acreparcel and is next to a newly constructed Menards. The center is92% occupied and anchored by Michaels Crafts. Other tenants includeKiku's, Carpetland USA and Airroom. The asking lease rate for thecenter for available space is between $20 per sf and $25 per sf,triple net, Kowal tells GlobeSt.com.

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