Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Maryland Firm Buys Elgin Retail Center for $19M
Maryland-based America’s Realty, a “blue collar” shopping center acquisition firm, recently paid $18.8 million for the 238,835-square-foot Otter Creek Shopping Center on South Randall Road in Elgin, Illinois.
The transaction marks America’s Realty’s entry into the Chicago-area market reported Crain’s. The firm owns more than 400 retail properties across 29 states, mostly in the eastern U.S. The firm focuses on centers with discount retailers. “The tenants that we have in the center basically service the needs of the community daily, and that’s what attracts us to it. It’s pretty much recession-proof,” America’s Realty CEO Carl Verstandig told the outlet.
The Otter Creek Shopping Center’s largest tenants are Target, Burlington, Hobby Lobby, Big Lots and Party City. The shopping center’s seller was an entity managed by Chicago attorney Kostas Cios and Michael Aktipis, son of the late Oak Brook developer Stelios Aktipis.
