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ROCKFORD, IL-The 90,000-sf Rockford Crossing Shopping Center at the northwest corner of State and Perryville roads here generated nine offers before being sold to neighborhood center giant Kimco Realty Corp. for $14.3 million. Lincolnwood-based Halyard Group, LLC sold the four-year-old center in this city an hour west of Chicago to buy other properties in the Midwest.

“We are currently negotiating to acquire three new properties,” says Halyard Group principal Larry Blankstein. “We’ll buy fully rented property or, similar to the Rockford Crossing Shopping Center. We will acquire, finish build outs and complete the leasing of investment properties.”

Besides a relatively quick sale that kept the marketing budget down to $5,000, the shopping center proved to be a financial success for Halyard Group, which sold after less than three years of ownership. “This sale represented a return to our investors of over 80% on their invested capital in addition to their annual cash flow of 10%,” says Stephen A. Weiss, also a Halyard Group principal.

Schaumburg-based DK Realty Partners principal David M. Kaufman, CCIM was sole broker in the sale of the property where Best Buy, Linens ‘n Things, Hallmark Card, Quiznos and Great Clips are tenants. He says putting all due diligence materials on a restricted web site helped shorten the sales process.

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