Joseph Freed & Associates was represented by Mid-America Real Estate Corp. The sales price was $30.4 million, according to a list of transactions on Mid-America's website. A cap rate was not disclosed.

The building has a mix of retail and office space and is currently 90% leased, Rausch says. Tenants include Starbucks, Ann Taylor Loft, Yankee Candle and Bath & Body Works. A six-screen movie theater is also part of the development. Rausch would not disclose lease rates for the building.

A city-owned lot for free parking is located under the development, which was one of the perks for purchasing the property, Rausch says. DDRS purchased the center because of its location and the fact that it is one of a few shopping centers in the area, she says. "Arlington Heights is an upscale suburb of Chicago, and it is directly across from a train station, which provides access for families," she says.