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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.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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