Horne said he could not disclose the buyer except to say it is a"private investor" based in Chicago. The cap rate was estimated byHorne to be "in the middle to low sixes."
The retail center is located across from the Westfield-OldOrchard regional mall, and was developed by HSS Real Estate in1997, says Horne. The site previously was the site of theheadquarters of Balcor, a real estate company founded by JerryReinsdorf and later sold to American Express, before beingredeveloped, Horne says.
The shopping center is fully leased and is anchored by Linens NThings, Staples, Golf Galaxy and Cole Taylor Bank, which has a12,000-sf, two-level bank with a land lease on one of the outlots."It has been 100% leased since its development, he said. Hornewould not disclose the average lease rate for the center.
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