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 reportedCrain’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.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.