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CRC Enters Chicago Market with $94M Retail Portfolio Acquisition
Baltimore, MD-based Continental Realty Corporation has entered the suburban Chicago real estate market with its $93.6-million acquisition of a portfolio of five shopping centers comprising over 900,000 square feet of gross leasable area.
The portfolio was cumulatively 84% occupied at the time of the sale, leased by national retailers such as Sam’s Club, The Home Depot, Jewel-Osco, Kroger, Walgreens and Ross Dress for Less.
The grocery-anchored and necessity-based assets located in Cicero, Mount Prospect, Naperville, and Palatine, IL were acquired from DiMucci Companies; Chicago-based Tucker Development acted as an acquisition and development consultant on the transaction
The portfolio was purchased on behalf of Continental Realty Opportunistic Retail Investment Fund I. The transaction represents the fifth retail acquisition for the fund, following the $97-million purchase earlier this summer of The Shoppes at Webb Gin in Atlanta, GA and the $24.4-million purchase this spring of Banks Crossing in Fayetteville, GA.
- ◦Sale/Acquisition
