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The Ridge Plaza Purchased for Nearly $25M

ARLINGTON HEIGHTS, IL-A joint venture between Galileo Shopping America Trust and New Plan Excel Realty Trust, has purchased 151,643 sf of the center.

By Gina Kenny | Updated on February 04, 2007

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

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.

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