"We have another asset under contract now and expect to add additional assets in this market," said DLC Chairman Steve Ifshin, whose company also plans to open a Chicago office to manage its Midwest properties.

"The Midwest in general and Chicago in particular have long been target markets for DLC," said DLC President Adam W. Ifshin. "The stability of the economy and the density of people are critical to our successful investment model."

Located in the 500 block of McLean Blvd. on this city's west side, Wing Park Shopping Center fits the company's profile of older suburban markets in in-fill locations. The center was 96.5% occupied at the time of sale, Adam Ifshin said.

As part of the sale, DLC assumed existing mortgage financing that had been securitized. According to Kane County property tax records, there was a $4.3-million mortgage on the property with a 6% interest rate. "This is our fifth mortgage assumption in the last six months," Taub said. "We have developed a track record of managing the process with the servicers to assure that deals close in a timely manner."

DLC now owns and operates 23 retail properties with more than 4.7 million sf in 12 states. The 10-year-old company is now the 72nd largest retail real estate owner in the US.