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ARLINGTON HEIGHTS, IL-AmCap NorthPoint LLC, a joint venture of AmCap and Hart Realty Advisers, has purchased NorthPoint Center in Arlington Heights for $62.8 million from a Palatine, IL-based affiliate of Joseph Freed and Associates. The purchase was made on behalf of an institutional partner.

The 275,000 sf retail center is anchored by Jewel-Osco, Old Navy, Office Depot and Ulta. There are more than 30 additional tenants. Plans are in place for the construction of a new Circuit City building, along with a multi-million dollar renovation of the Jewel-Osco. NorthPoint Center is located at the intersection of Rand, Arlington Heights and Palatine Roads, about 25 miles northwest of Chicago.

“The property fits with our philosophy of purchasing core assets with upside potential, in solid, highly trafficked infill neighborhoods,” said Jake Bisenius, director of acquisitions for AmCap, in a statement. “The center is located along the main shopping thoroughfare within Arlington Heights, at the intersection of three main roads having a combined vehicle per day traffic count of 151,800 vehicles. The neighborhood is in a very good dense infill area with 143,000 people living within three miles of the center and having a strong average household income of $95,000 per year.”

Stamford, Connecticut-based AmCap buys, owns and operates grocery-anchored retail centers, power centers and lifestyle centers in high-density markets. Hart Realty Advisors, based in Simsbury, Connecticut, is a closely held real estate investment manager specializing in private equity core and value-added solutions.

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