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College Town Retail Center Gets $40M

DEKALB, IL-Northland Plaza shopping center, a 297,000-sf regional center located here in the home of Northern Illinois University, sells for $40 million. The center boasts a 4% vacancy at the time of sale.

By Bonnie Grota | Updated on June 07, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

DEKALB, IL-The sale of the 297,000-sf open-air regional shopping center known as Northland Plaza here, has been arranged by Mid-America Real Estate Corp.’s Investment Sales Group. Mid-America principal Stan Nitzberg handled the sale on behalf of the seller, Joseph Freed & Associates of Palatine. Norris Eber of Freed & Associates handled the disposition of the center for his firm. The buyer was New-York based DLC Management, LLC. Nitzberg tells GlobeSt.com that “the sale price was in excess of $40 million.”

Northland Plaza, for which Freed completed a redevelopment in 2004, is anchored by a Borders Books, Bed Bath & Beyond, J.C. Penney, Elder-Beerman and a Sears Appliance Store. The center is located on the northeast corner of Sycamore Road and Barber Greene Road, not far from the University. “This is a very concentrated area of the DeKalb retail market,” Nitzberg says. “It’s become another submarket of the Chicagoland metro area and it’s growing.”

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