The sale is for 101,555 sf of the 280,000-sf shopping center,which was constructed in 1991, Girardi says. The center is shadowanchored by Wal-Mart, Toys "R" Us and Petco, which are separatelyowned. Anchor tenants of the Townline Commons shopping centerinclude OfficeMax, Golf Galaxy, Discovery Clothing and PlunkettFurniture. Other major tenants include Bath & Body Works,Payless Shoe Source, Supercuts, Chicago Home Fitness, WashingtonMutual and Wells Fargo Financial.

Location Finders International had owned the property since2002. "They are development focused and they just had better usesfor their capital," Girardi says. The buyer is a private investorfrom Colorado who purchased the property as part of a 1031Exchange. "This particular one fit his requirements of a welllocated, stabilized shopping center in a major market likeChicago," Girardi says. There are no renovations planned for thebuilding.

The shopping complex is currently fully leased and has had anaverage occupancy of 99.2% over the past three years, Girardi says.Lease rates range from "the low teens" per sf for some of thelarger spaces to "the mid 20's" per sf for some of the smallerspaces, he says.