Core Acquisitions Buys Chicago-Area Shopping Center for $34M

Core Acquisitions recently acquired Rice Lake Square, a 251,584-square-foot grocery-anchored shopping center in west suburban Wheaton, Illinois. The center was purchased from an institutional owner for $34.25 million. The transaction is the fifth significant shopping center acquisition the firm has made in just over one year.

Rick Drogosz, principal, Mid-America Real Estate represented the seller in the transaction. Old National Bank provided the acquisition loan to Core, which will provide property management services. Mid-America Asset Management, which has leased the center for approximately 20 years, has been retained to continue as leasing agent.

The tenant roster at Rice Lake Square, developed in 1989 and renovated in 2011 and 2019, is anchored by Pete’s Fresh Market, Studio Movie Grill, and PetSmart and also includes Message Envy, Orange Theory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity, and Taco Bell. At acquisition, the center was 76.2% leased, and the largest tenant is Pete’s Fresh Market, an approximately 69,000-square-foot grocery store that opened in 2019 after extensive renovation.