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Grosvenor Takes Stake in Church Street Plaza

EVANSTON, IL-Sources say Grosvenor paid $60 million for a 50% stake in the 176,000-sf fully leased center at Church Street and Maple Avenue.

By Marita Thomas | Updated on October 13, 2006

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

EVANSTON, IL-Washington, DC-based Grosvenor has acquired “a significant interest” in Church Street Plaza from Arthur Hill & Co. LLC, the locally based developer of the 176,000-sf retail center at the corner of Church Street and Maple Avenue. On condition of anonymity, a source familiar with the transaction tells GlobeSt.com the Grosvenor stake is approximately 50%, for which it paid about $60 million.

The shopping and entertainment center was developed in three phases, beginning in 2000. It is currently 100% leased, and the anchors are Century Theater, Borders Books and Music, Urban Outfitters and World Market. Arthur Hill will retain the remaining interest and continue to manage the property.

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