Joseph Freed & Associates was represented by Mid-AmericaReal Estate Corp. The sales price was $30.4 million, according to alist of transactions on Mid-America's website. A cap rate was notdisclosed.

The building has a mix of retail and office space and iscurrently 90% leased, Rausch says. Tenants include Starbucks, AnnTaylor Loft, Yankee Candle and Bath & Body Works. A six-screenmovie theater is also part of the development. Rausch would notdisclose lease rates for the building.

A city-owned lot for free parking is located under thedevelopment, which was one of the perks for purchasing theproperty, Rausch says. DDRS purchased the center because of itslocation and the fact that it is one of a few shopping centers inthe area, she says. "Arlington Heights is an upscale suburb ofChicago, and it is directly across from a train station, whichprovides access for families," she says.