(For more retail coverage, click GlobeSt.com/RETAIL.)
CHICAGO-American Realty Advisors and Tucker Development Corp. have bought the 102,266-sf South Loop Marketplace, surrounded by a growing customer base in new multifamily developments. Soo T LLC had the shopping center, 100% occupied and anchored by a Dominick's Food Store, on the market at $36.4 million.
Also leasing space at the seven-year-old center in the 1200 block of S. Clinton Street are Washington Mutual, FedEx, Kinko's, Subway, RadioShack, Game Stop and Domino's Pizza. "South Loop's ideal location and high-quality tenant roster signifies the type of 'core' investment that American offers to our investors," says American Realty Advisors president and chief executive officer Stanley L. Iezman, whose Glendale, CA-based company is attempting to buy $700 million in assets this year.
Highland Park-based Tucker Development will handle management and leasing at South Loop Marketplace, replacing Mid-America Asset Management. The customer base includes the Riverside Park, Roosevelt Square and University Village residential developments.
In an unrelated deal in northwest suburban Lake in the Hills, a recently constructed Baker's Square and strip center at 280 Randall Rd., sold for $5.6 million. The fully occupied, 10,100-sf property was sold by Anthony Rosati in a deal brokered by a CB Richard Ellis team of George Good, Robert Mahoney, Richard Frolik and Bill Wright.
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