BT Commercial SVP Dan Wald, who represented SPI in the transaction, tells GlobeSt.com that the asking price was $45 million and there were 14 qualified buyers, none of which bid more than 10% below the asking price. Due to a confidentiality agreement, Wald declined to provide the exact purchase price.

The property, anchored by Bed, Bath and Beyond, Trader Joe's, Pier 1 Imports and Nordstrom Rack, was 100% leased at time of sale. "The seller received multiple competing qualified offers from both institutional and local investors through a date-certain bid process," says Wald. "As a result, Northwestern had the luxury of selecting a buyer that was motivated and qualified to close quickly at a very attractive price. In fact, from bid date to closing took less than six weeks."