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LOCKPORT, IL-Inland Real Estate Corp. has sold Regency Point Shopping Center to an unidentified Indiana-based investor for $8.3 million, or nearly $151 per sf. The 55,000-sf neighborhood center on Ninth St. was completed in 1993. An Inland spokesman tells GlobeSt.com that it was 100% leased at the time of the sale to 17 tenants. Among them are Ace Hardware, Dunkin’ Donuts, Brown’s Chicken, Subway and a US Post Office.

Richard Artman, VP and managing broker of Inland Real Estate Sales in Yorkville, IL represented the seller. Tom Blankley, managing broker of the company’s office in Dyer, IN represented the buyer. He says this is the second property he has sold to the same buyer in less than a year.

Artman says neighborhood retail centers provide stable economic returns, “in part, because they’re the sort of place where people shop in both up and down economic markets.” They also have good cap rates, “and the buyer saw the potential for great performance that will stay ahead of both inflation and the riskier money markets.” The seller and brokers are part of the Oak Brook-based Inland Real Estate Group of Cos. Inc.

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