Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOLINGBROOK, IL-The sale of the 111,570-sf Pheasant Hill Plaza in this southwest suburb has closed after being on the market at $13 million. RMS Properties bought the 100%-leased property after Food-4-Less became the new anchor tenant, replacing Dominick’s.

The 17-year-old property located on nearly 13 acres was on the market for nearly a year. Part of the NAI Hiffman VP Tobin B. Knight’s assignment from TCB Development included negotiating Dominick’s early lease termination, paving the way for Cincinnati-based Kroger’s Food-4-Less to enter Bolingbrook.

Food-4-Less signed a 20-year lease on the 62,750-sf anchor position in the shopping center, which included a recently resurfaced 629-space parking lot.

Although the purchase price was not disclosed, the deal was at an 8% capitalization rate, according to NAI Hiffman’s retail brokerage group.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.