Horne said he could not disclose the buyer except to say it is a "private investor" based in Chicago. The cap rate was estimated by Horne to be "in the middle to low sixes."

The retail center is located across from the Westfield-Old Orchard regional mall, and was developed by HSS Real Estate in 1997, says Horne. The site previously was the site of the headquarters of Balcor, a real estate company founded by Jerry Reinsdorf and later sold to American Express, before being redeveloped, Horne says.

The shopping center is fully leased and is anchored by Linens N Things, Staples, Golf Galaxy and Cole Taylor Bank, which has a 12,000-sf, two-level bank with a land lease on one of the outlots. "It has been 100% leased since its development, he said. Horne would not disclose the average lease rate for the center.