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.”

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