X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORTHBROOK, IL-A partnership that includes Principal Mutual has paid $91 million for Village Square, a 334,955-sf shopping center that is 100% leased. Los Angeles-based RP Properties, which was represented by Faris Lee Investments chairman David Lee, got nearly $272 per sf for the center at 31-315 Skokie Blvd.

Circuit City, Linens ‘n Things, Nordstrom Rack, the Container Store, Cost Plus, Old Navy, Sports Authority, Marshalls, Zany Brainy, Starbucks and Kinko’s are among the tenants at Village Square, which RP Properties acquired a year ago for $79 million, according to property records. “David Lee had the vision a year ago to see a quality investment opportunity in Village Square and advised us to acquire the property based on its tremendous upside,” says RP Properties partner Jason Lieberman. “[Lee's] keen vision resulted in a huge profit for our company.”

Melvin Kaplan and David Brackney of Melvin Kaplan Realty represented the new owners of the five-building center southwest of the Edens Expressway interchange at Lake-Cook Road. The new owners are four separate groups.

The 29-acre property, developed in 1995, has been managed by Oakbrook-based Mid-America Asset Management, Inc. Average household income in the five-mile trade area is $186,757, according to the company, but jumps to $213,990 within a mile of the center.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.