LOMBARD, IL-A partnership of New York City-basedKohlberg Kravis Roberts & Co. LP and ElSegundo, CA-based YTC Pacific has purchased the1.5-million-square-foot Yorktown Center for $196million. The seller is the family of thelate Ed Pehrson, who builtthe massive mall in 1968.

The mall, ranked the largest mall in the United States when itopened, has been through a number of changes and redevelopmentsover the years, but continues to be one of the most popular retaildestinations in the suburbs of Chicago. The 150 stores include AMCTheaters, JCPenney, Carson Pirie Scott, Von Maur, the Gap,Victoria’s Secret and American Eagle. There are a number of popularrestaurants, and the former Montgomery Ward spotwas redeveloped into the successful Shops onButterfield lifestyle center in 2007, with tenants such asHomeGoods, Marshalls, the Sports Authority and Lucky StrikeLanes.

In a KKR statement, the company says the malldoes more than $280 in annual revenue. “Through a combination ofproactive management, a focus on leasing, cosmetic and otherimprovements, we aim to add value to the center with the hope ofoffering a more pleasant and practical shopping experience forresidents,” said Ralph Rosenberg, a member of KKR and head of thefirm’s new Real Estate group. This is the first retail investmentfor KKR.