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ARLINGTON HEIGHTS, IL-The Ridge Plaza, a shopping center at the northwest corner of Dundee Road and Ridge Avenue, has been sold to New Plan/Galileo, a joint venture between Galileo Shopping America Trust, based in Australia, and New Plan Excel Realty Trust, in New York City. The sale price was nearly $25 million, a source said.
The shopping center is 256,310 sf, and the sale included 151,643-sf of the center. The portion of the center occupied and owned by Kohl's was excluded from the sale. Principal Rick Drogosz and Associate Joe Girardi, both with Mid-America Real Estate Corporation's Investment Sales Group, handled the sale to New Plan/Galileo on behalf of the seller.
The seller was described as a "private investor" based in Chicago who did not want to be disclosed. "They have done a good job of adding value there over the last few years and it was time to move on to a new project," Girardi says. The investor had purchased the property in 2000. "When they bought the property, there were some significant vacancies in the shopping center," he says.
The center is currently 95 percent occupied. Tenants of the shopping center include XSport Fitness, Portillo's, Harbor Freight Tools, Subway, Gymboree, Bank & Olufsen, Fox and Hound Pub, Alphagrachics, Kappy's and Pacific Buffet.
The joint venture purchased the property because of the "solid location," which is on a major thoroughfare in Arlington Heights, and "the quality tenant line-up," Girardi says. In addition, "a good number of tenants have below market rates currently," he says. The average rent range is between $12 to $17 per sf, net.
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