Jeffrey Kowal, SVP with Edgemark Commercial Real Estate Services LLC, represented the seller. Rueben Helich, with Wilson Bros Commercial, represented the buyer.

The acquisition was part of a 1031 exchange. The buyer assumed the existing loan for the center and used the proceeds from the sale of a property in California toward the acquisition of the Waterside Center and an office building in Colorado, Kowal says.

The buyer liked the location near Route 59 in the Fox Valley Corridor and the demographics in the city, Kowal says. The retail center, which was constructed in 2004, is on a nearly six-acre parcel and is next to a newly constructed Menards. The center is 92% occupied and anchored by Michaels Crafts. Other tenants include Kiku's, Carpetland USA and Airroom. The asking lease rate for the center for available space is between $20 per sf and $25 per sf, triple net, Kowal tells GlobeSt.com.