(For more retail coverage, click GlobeSt.com/RETAIL.)
LAGRANGE, IL-UBS Realty Advisors, based in Hartford, CT, has purchased the 67,696-sf LaGrange Crossing shopping center from a private investor for approximately $24 million. Located on the southeast and southwest corners of Ogden Avenue and LaGrange Road, the center is 100% leased.
UBS has retained Oakbrook Terrace-based Mid-America Asset Management Inc., as managing and leasing representative. Mid-America principal Rick Drogosz and vice president Ben Wineman handled the sale on behalf of the seller.
Drogosz tells GlobeSt.com that with the site being an infill location, combined with center's solid national tenants, USB found the property to be a prime investment. The company, which is investing in the asset as a long-term hold, achieved a cap rate of near 6%.
"We are still seeing a lot of demand from institutional investors for this kind of asset," Drogosz says. "There has been a shortage of assets like this and interest rates have ticked up a little bit, but they are still low. It's a conducive market for sellers."
Trader Joe's, Borders Books & Music, Walgreens and Pier 1 Imports anchor the center. Other retailers include Zales Jewelers, National City Bank, Baja Fresh Mexican Grill, Caribou Coffee and Corner Bakery.
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