Two Grocery-Anchored Retail Centers Sold in Chicago and Wheaton

CHICAGO­Investors have bought two retail centers, one in the city of Chicago, and the other in suburban Wheaton, IL, both anchored by a Dominick’s Finer Foods store (division of Safeway). Both of the investment sales were arranged by CB Richard Ellis.

The west suburban property is Danada Square East, which is a 202,350-sf retail center at the northeast corner of Butterfield and Naperville in Wheaton. In addition to Dominick’s, major tenants include Petco, MC Sporting Goods, Blockbuster Video, an IHOP Restaurant and Mid-American Bank. Built in 1989, the center is currently about 95% leased. It was bought by CA-based American Realty Advisors. Seattle-based Kennedy Associates Real Estate Counsel Inc. was the seller.

The urban property is Old Town Square, an 87,210-sf neighborhood center at the northeast corner of Division Street and Clybourn Avenue on Chicago’s Near North Side. In addition to Dominick¹s, the center, completed in 1998 in this gentrifying neighborhood, is 100% leased to Starbucks, AT&T Wireless and Blockbuster Video. Des Moines, IA-based Principal Life Insurance Co. bought the property from Old Town Square Shopping Center LLC. Although sales price was not disclosed, a published report estimated the price as greater than $18 million.