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Jeffrey Plaza Trades for Nearly $20M

CHICAGO-Anchored by a 62,303-sf Dominick's grocery store at 71st Street and Jeffrey Boulevard, the center is sold between two Los Angeles-based investment groups for $3 million more than its 2003 price.

By Mark Ruda | Updated on May 09, 2006

CHICAGO-A 16-year-old grocery-anchored South Shore shopping center has changed hands for the second time in three years, this time selling for $19.5 million. Los Angeles-based Jeffrey Plaza Investors LLC bought the 113,303-sf center at 71st Street and Jeffrey Boulevard from Charleston South Side LLC, which paid $16.5 million for the property in 2003, according to documents on file at the Cook County Recorder of Deeds office.

A 62,303-sf Dominick’s grocery store anchors the center, which also includes a 10,000-sf Elston Ace Hardware store. The tenant roster further includes Ashley Stewart, Rainbow Apparel, Bank One, Radio Shack, Footlocker, Rent-A-Center, New China Express and Seashell Fish & Chicken.

Jeffrey Plaza Investors LLC assumes a $13.3-million debt from Los Angeles-based Charleston South Side LLC. The seller borrowed $13.8 million from Lehman Brothers in 2003. The note is now held by LaSalle Bank.

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