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NILES, IL-The 364,120-sf Four Flaggs Shopping Center in this northwest suburb on Chicago’s border has sold for $21.56 million, with a potential for another $7.8 million more in the next 30 months depending on increases in occupancy. For now, though, Inland Real Estate Corp. acquires the center on the 8200 block of W. Golf Road, anchored by a 43,975-sf Jewel/Osco, from Joseph Freed & Associates for $59 per sf.

A major factor for the sale at less than replacement value was occupancy—only 74% of the center was occupied at the time of sale. However, the current tenant roster includes Wickes Furniture, Homemakers, Office Depot, REI Mountain Outfitters and JoAnn Fabrics. If Joseph Freed & Associates can close the gaping vacancy, the final sales price could end up being $29.4 million by mid-2005.

Four Flaggs is the eighth center acquired by Inland Real Estate Corp. that is anchored by a Jewel/Osco grocery and drug store.

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