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CHICAGO-Oak Brook, IL-based Inland American Real Estate Trust Inc. has purchased the 140,000-sf Lincoln Village retail center, on Lincoln Avenue in the city, in a multiple-bid process from a partnership led by Terraco Inc. The partnership, which included development partners Scott Gendell, David Bossy and Jeffrey Gumbiner, sold the property for $40 million.

Borders Books and Office Depot anchor the property, with other tenants including Factory Card Outlet and Famous Footwear. Kevin Gazley, a senior vice president with Colliers Bennett & Kahnweiler Inc., negotiated the sale on behalf of Terraco. He tells GlobeSt.com that the property, at 6075-6201 North Lincoln, is 98% leased, thanks to a large renovation project by Terraco in 2002, when the vacancy rate was much higher.

“The company, which owned the property for about seven years, performed a significant enhancement project for the site, bringing in the Borders and a Starbucks,” he says. He says the entire area is doing very well, and that it’s a tight retail market on Lincoln Avenue. “There’s minimal to no vacancy anywhere, it’s very hard for tenants to find a vacancy,” Gazley says. He said he could not comment on why Terraco wished to sell the property. An Inland representative could not be reached.

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