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

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.