ELK GROVE VILLAGE-Westwood Financial Corp., based in Los Angeles, has purchased Elk Crossing, a 121,000-sf shopping center here for $23.6 million. The shopping center was sold by an affiliate of the General Electric Pension Trust, advised by GE Asset Management Incorporated. The center, at Biesterfield Road and Arlington Heights Road, is anchored by a recently renovated Jewel-Osco.
Other tenants include Panera Bread, Bath & Body Works, Citibank, RadioShack, and GNC, as well as LaSalle Bank, McDonald’s, and Pizza Hut in freestanding locations and outlots of the center. Mid-America Real Estate Corp. principal Rick Drogosz represented the seller and buyer in the deal. Drogosz says the buyer does not plan to make any significant changes to the center.
This purchase represents Westwood Financial’s first foray into Chicago area real estate, Drogosz tells GlobeSt.com. “It’s a good core holding, and a good location,” Drogosz says. The company owns around 100 assets in other areas across the US, according to Drogosz.The center, which was developed in the late 1980s, is in the village’s downtown district. The center has a 98% occupancy rate, with lease rates averaging in the mid-$20s, Drogosz says.