OAK BROOK, IL—Inland Real Estate Acquisitions, Inc. has just acquired Commerce Center, a shopping center in suburban Downers Grove for roughly $9.9 million. It's just the latest major retail purchase that the company, part of the Inland Real Estate Group of Companies, Inc., has made in the Chicago metro area. In March, the company acquired two Mariano's Fresh Market stores located in Palatine and Vernon Hills for a combined purchase price of about $46.3 million.
Their latest acquisition center sits at Butterfield Rd. and South Highland Ave., along the major retail corridor that extends east on Butterfield to Oakbrook Center in Oak Brook. Commerce Center has 104,196-square-feet and occupied by Toys “R” Us and Best Buy.
Mark Cosenza, vice president of Inland Real Estate Acquisitions, handled the transaction.
“The Butterfield Road retail corridor is one of the strongest in the western suburbs, anchored by Oakbrook Center on one end and this center and surrounding retailers on the other,” Cosenza says. “It is an excellent site, as evidenced by Best Buy's recent decision to renew its lease at the property for a new 10-year term, and both tenants are paying sustainable rents at below-market rates.”
Toys “R” Us has been at the center for over 30 years, and Best Buy opened in 1992. In addition to the retail store, Best Buy uses the location to house a 10,000-square-foot training center and regional office.
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