Hickory Palos Square Trades for $25M

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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 Southfield, MI 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.