Ferguson and principal Stanley Nitzberg, with Oakbrook Terrace,IL-based Mid-America's investment sales group, represented thesellers in the sales transaction. "This sale is consistent withJFA's corporate strategy of occasionally selling properties thatare not part of our core business strategy," Joseph Freed andAssociates president Larry Freed says in a released statement.Afiaa was interested in the retail center because of its long-termtenants, location and construction quality. "It was really the areathat is interesting. We believe there will be more growth there,for residential," says Chris Duisberg, managing director for the USfor Afiaa. Additionally, "it is a great retail corridor," hesays.

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The property is fully leased, Duisberg tells GlobeSt.com. Theplaza contains about 49,500 rentable sf and a 264-space parkinggarage. XSport Fitness, a fitness center, is the center's anchor.The other tenants are Panera Bread and Enterprise Rent-A-Car,Duisberg says. The building was designed by Chicago architectAlfred Altschuler and was constructed as a factory in 1928.

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Afiaa does not have renovations planned for the center as arenovation was completed prior to the property being sold, Duisbergsays. The property was fully renovated in 2007. The facade of thebuilding was preserved during the renovation and includes locallymanufactured tecco tiles. The plaza sits on almost a full acre onthe northwest corner of Elston Avenue and Logan Boulevard and is inthe Elston Corridor. "The market caters to the affluent and denseresidential Chicago communities of Lincoln Park, Logan Square,Bucktown and Wicker Park," Ferguson says.

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