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HICKORY HILLS, IL-The 205,957-sf, 21-year-old Hickory Palos Square shopping center is under new ownership. First Commercial Realty & Development Co. of Chicago paid Des Moines-based Principal Global Investors $25 million or $121.38 per sf for the 93%-leased, open-air property in this southwest Chicago suburb.

Principal Global sold the property, acting as an investment advisor and agent for an undisclosed owner. Rick Drogosz, a principal at Mid-America Real Estate Corp.'s investment sales group in Oakbrook Terrace, IL, negotiated for Principal. Drogosz tells GlobeSt.com the purchase price was below estimated replacement costs of about $150 per sf. He says the transaction took about 90 days to complete, from letter of intent to closing.

There were no environmental or governmental challenges that buyer, seller or broker had to overcome before closing. "It was pretty well a routine deal," Drogosz says. Jewel-Osco anchors the open-air center on the southwest corner of 95th Street and Roberts Road. Other tenants are Lewis University, Burger King, Dollar Tree, GNC, Quizno's, The UPS Store, Washington Mutual and Wells Fargo Financial.