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CRYSTAL LAKE, IL-Inland Real Estate Corp.’s growing portfolio of neighborhood, community and single-tenant retail centers now includes the 339,898-sf Crystal Point Center, which the Oak Brook-based REIT picked up for $37.3 million. The former enclosed mini-mall was 100% leased at the time of sale with Bed Beth & Beyond, Borders Books & Music, Sports Authority, Best Buy, Office Depot and K-Mart anchoring the center along heavily-traveled Northwest Highway, which doubles as US 14, at Main Street.

The seller, Wheeling-based Crystal Point Center LLC, redeveloped the center in 1998 to an open-air mall. At about the same time, major retailers as Sam’s Club, Kohl’s, Target, Home Depot, Menards and Wal-Mart were setting up shop along Northwest Highway in this far northwest suburb 50 miles from Chicago.

Inland Real Estate Corp. reports the three-mile trade area has a population of about 57,500, with an average household income $82,431. However, the new owners of Crystal Point Center share that trade area with a series of retail centers along Northwest Highway, including the Commons of Crystal Lake, Country Corner Plaza, Crystal Court Mall and Crystal Lake Plaza.

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