Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Phillips Edison Snaps Up Naperville Lifestyle Center
Phillips Edison & Company (PECO) has acquired Naperville Crossings, a 146,591-square-foot neighborhood lifestyle center in Naperville, IL, for a reported $51 million.
The transaction bolsters PECO’s presence in the greater Chicago metropolitan area and specifically within the Naperville market, which the company said is widely recognized as a top community to raise a family.
“The property is located in a vibrant and growing neighborhood, which is experiencing a surge of development with more than 800 new residential units expected to be delivered in the immediate area over the next few years—including 58 high-end apartments directly adjacent to the shopping center,” said PECO SVP David Wik.
Cushman & Wakefield’s Evan Halkias and Michael Marks represented the undisclosed seller. The property is currently 92% leased, with a tenancy that includes a freestanding Aldi and several high-profile restaurants and service-oriented tenants.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
Get Chicago News in 150 Words
