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STREAMWOOD, IL-Chicago-based V-Land Corp. has paid more than $5 million for 24.5 acres at the northwest corner of Route 59 and Irving Park Road, where it plans to build a retail center with outlots. The company already has hired CB Richard Ellis, which brokered the sale, to lease the retail space.

Three-fourths of the property is earmarked for the anchor store, while four outlots range from 1.1 acre to 2.3 acres, according to CB Richard Ellis. In addition to being on the opposite corner of a Super Target now under construction, the property has become more attractive to retailers in the last decade, as CB Richard Ellis reports population within a three-mile radius increased 32% from 1990 to 2000.Wendell Hollan and John Schoditsch of CB Richard Ellis’ Oak Brook office represented a family trust that sold the property.

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