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Intercontinental Buys Retail Center for $24M

PALATINE, IL-Intercontinental Real Estate Corp. purchases a Palatine shopping center as its first acquisition for a real estate investment fund.

By Gina Kenny | Updated on February 14, 2007

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

PALATINE, IL-Intercontinental Real Estate Corp., based in Boston, has purchased Park Place as its first acquisition for the corporation’s US Real Estate Investment Fund. Intercontinental purchased Park Place, a 230,000-sf shopping center, for about $24 million from GE Asset Management Inc., based in Stamford, CT. CB Richard Ellis brokered the deal.

Intercontinental purchased the property, in part, because the center is “an extremely well located property,” says Paul Nasser, chief financial officer and chief operating officer with Intercontinental. “It is at the crossroads of two major arteries and it has visibility on both sides with multiple access points,” Nasser says. In addition, “It has a nice roster of national tenants with good credit.”

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