The 67,143-sf shopping center is located across from the Oakbrook Center, the largest upscale open-air mall in the country. The 2007 projected net operating income of Oaks is more than $1.18 million and the 2008 stabilized net operating income is nearly $1.36 million, according to Mid-American marketing materials for the shopping center.

Donald Shapiro, president of Foresite Realty Partners, says that the shopping center "could easily have a cap rate of between 6% and 6.5%, maybe 6.5% and 7%." Shapiro's estimates put the sales price at between $15.1 million and nearly $16.8 million. "I would be shocked if the price is not somewhere between $225 and $250 per sf," he tells GlobeSt.com.

The shopping center was developed in 1989 on 5.24 acres of land. Renovations will include replacing the roof and new pylons and signage in addition to renovations that will be for individual new tenants, Ifshin says. "We see this as a value-add opportunity. The center is roughly 30% vacant and we see it as a repositioning play, a value-add and a lease-up opportunity," Ifshin says.