SKOKIE, IL- A private investment group purchased Orchard Place, a 90,000-sf retail center, for $40.15 million. The seller was Orchard Place Retail LLC, a “private owner” based in Skokie who “has owned it since it was built,” says Michael Horne, president of HSS Management Co., which marketed the property. Horne and Arlene Senk, with Marc Realty, represented the seller.

Horne said he could not disclose the buyer except to say it is a “private investor” based in Chicago. The cap rate was estimated by Horne to be “in the middle to low sixes.”

The retail center is located across from the Westfield-Old Orchard regional mall, and was developed by HSS Real Estate in 1997, says Horne. The site previously was the site of the headquarters of Balcor, a real estate company founded by Jerry Reinsdorf and later sold to American Express, before being redeveloped, Horne says.

The shopping center is fully leased and is anchored by Linens N Things, Staples, Golf Galaxy and Cole Taylor Bank, which has a 12,000-sf, two-level bank with a land lease on one of the outlots. “It has been 100% leased since its development, he said. Horne would not disclose the average lease rate for the center.

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