ROCKFORD, IL-Paul Hemmer Cos., based in Cincinnati, has purchased Riverside Pavilion from Rubloff Development for $6.8 million. The local seller constructed the shopping center in 1994.

Andy Balzer, director of development for Paul Hemmer, says the 87,000-sf shopping center at 5875 E. Riverside Blvd. is about 42% vacant, of which 57,000 sf is the former Eagle Grocery anchor spot.

The new owner has lined up Ace Hardware for 18,500 sf of the former anchor’s space, according to Balzer. The retailer will open doors in September. Other major tenants include Hallmark Cards, Dominos Pizza and Great Clips. The center’s quoted rate ranges from $10 per sf to $18 per sf.

Paul Hemmer Cos. is upgrading the center’s exterior and renovating Ace Hardware’s new location. Balzer says his company acquired the shopping center because it does developments for the hardware retail chain, which wanted to have a location in Riverside Pavilion. “We looked at it and thought that it had great investment potential.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.