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

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.

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.