CINCINNATI—Phillips Edison & Co. Inc. has bought Naperville Crossings, a 146,591-square-foot neighborhood lifestyle center in Naperville, IL. The purchase price was not disclosed but Crain’s Chicago Business reported that the property traded for $49.9 million.
Naperville Crossings is anchored by a newly constructed, 21,820-square-foot ALDI grocery store. Other tenants include AT&T, Biaggi’s Ristorante Italiano, Massage Envy, Nothing Bundt Cakes, Orangetheory Fitness, Panera Bread and Starbucks.
Located at the intersection of Illinois Route 59 and 95th Street, the shopping center sits in a densely populated and affluent suburb of Chicago with more than 86,900 residents representing an average household income of more than $146,475 within a three-mile radius.
Phillips Edison & Co. is an internally-managed REIT and is one of the nation’s largest owners and operators of grocery-anchored shopping centers. It manages a portfolio of 338 properties across 32 states.
Evan Halkias and Michael Marks of Cushman & Wakefield’s Retail Investment Advisors group represented the seller in the transaction.