BANNOCKBURN, IL-As improvement continues in the retail markets, ownership companies are scouring core cities for key sites for sure-fire leasing improvement.  New York City-based AREA Property Partners, in a joint venture with Dallas-based POB Montgomery & Co., says it recently paid $29.3 million for such a site, Bannockburn Green, here.

Built in 1984, the 180,000-square-foot center at Waukegan Road and Half Day Road is anchored by a Dominick’s grocery store. The property is 85% leased, and includes tenants such as Panera Bread, Allstate Insurance and Sylvan Learning Center. The seller was Alecta, a Stockholm, Sweden-based investment firm.

John Jacobsson, an AREA partner, tells GlobeSt.com that the center is strong, with solid sales per square foot. “We think with a fresh approach to leasing we can lease it up and improve cash flow,” he says.

The return of the economy is bringing these types of properties out for possible sale, Jacobsson says. His firm deals with all property types, but with retail only focuses on grocery-anchored sites. POB was brought on because they have more retail experience, Jacobsson says. His firm also garnered a $19 million loan from JP Morgan Chase to acquire the property.

CB Richard Ellis will handling the leasing and management of the property. Mid-America Real Estate Corp. represented the seller in the transaction.