WAUCONDA, IL-Ramco-Gershenson Properties Trust, a REIT based in Farmington Hills, MI, has purchased the Liberty Square retail center here for $15.2 million. Dallas-based Fritz Duda Co. sold the 107,369-square-foot property, anchored by Jewel-Osco, in an all-cash transaction.
Mid-America Real Estate Corp., based in Oakbrook Terrace, IL, represented the seller in the transaction. The center is 89% occupied, and includes other tenants PNC Bank, KFC, Subway, Hallmark, and Blockbuster Video.
Ben Wineman, a Mid-America broker, tells GlobeSt.com that there’s been a lot more interest by institutional and REIT buyers in quality product. “There’s been a significant uptick in valuations for good property in true core markets,” he says.
He says his firm recently handled two other sales. Mid-America represented Inland Real Estate Corp. in its $7.1 million sale of the 154,000-square-foot Springboro Plaza in South Dayton, OH to Equity Investment Group. Wineman also represented a lender in the sale of the 92,515-square-foot Roseland Shopping Center in Shelby Township, MI to a private investment group for $3.5 million.
Though there has always been a bifurcation of value between Class A and B/C properties, Wineman says that spread has been widened since the recession. “The difference between the best-in-class centers and the other assets is now magnified, especially for what assets lenders will back in the market.”
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