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CHICAGO-Whitehall Real Estate has sold off a portion of The Brickyard, which was redeveloped into a lifestyle center last year, for $76.9 million. Inland Western Retail REIT acquired 234,081 sf, or 42% of the new center at Diversey and Narraganset avenues, which was redeveloped for $110 million.

"In terms of total value, this sale represented the largest community shopping center sale in the area to date," says Mid-America Real Estate principal Mike George, who represented Whitehall Real Estate. "This may be the best community shopping center in metropolitan Chicago."

Oak Brook-based Inland Western Retail REIT's property is fully leased. Nearly 80% vacant before the decision was made to turn the larger enclosed mall into a 551,153-sf lifestyle center, The Brickyard's redevelopment was aided by $26.5 million in tax increment financing from the city. Besides revitalizing a struggling Northwest Side center, the assistance helped defray costs involved in redeveloping a center built on a landfill. Former anchors JCPenney, Montgomery Ward's and Kmart have been replaced by a 143,700-sf Lowe's, a 143,100-sf Target and 64,565-sf Jewel-Osco, which had a presence in the previous mall. Marshalls, Office Max, Pier 1 Imports, Lady Footlocker and Champs Sporting Goods also are on the tenant roster.