The purchase was made in conjunction with Atlanta-based Infinity Properties, says Mark Cosenza, acquisitions coordinator with Inland Real Estate Acquisitions Inc., part of Inland Real Estate Group of Cos. Inc. A cap rate was not disclosed. The sale included the assumption of a $30.6-million loan from Wachovia Bank with an interest rate of 5.92%, he says. The loan is through May 2016, according to information from Inland in an SEC filing.

The property was attractive to Inland, in part because Washington Park Plaza is on Halsted Street, a main thoroughfare, and is near the interchange for Interstate 80 and Interstate 94, Cosenza says. "Really, the center completes the retail area," Cosenza says. "The area was lacking some of the big box tenants that would complement what is already here." Target, Jewel Food Store, Home Depot, Menards, K-Mart and Kohl's were already located near the shopping center.

Mid-America redeveloped the property and brought in major tenants such as Best Buy, JoAnn Stores, TJ Maxx, Bed Bath & Beyond and PetCo, Cosenza says. "There were a few buildings that were left intact, and some of them, they built from the ground up," he says. The center was constructed in 1974 and renovated in 2005, sources say. Since the recent redevelopment, Inland is not planning any major renovations or upgrades. "It looks brand new," Cosenza says. The shopping center is currently more than 95% occupied. Tenants include FedEx Kinko's, Lane Bryant, Dress Barn, Factory Card Outlet and Famous Footwear. There are also restaurants, including Chili's and Panda Express, and a bank. Asking lease rates for the center were not disclosed.