Christian Williams and George Good, both with CB Richard Ellis, represented the seller in the sales transaction. "Arnold Lies Co. is a family-run company that was the original developer back in 1960, so they have had the property for almost 50 years," says Williams.

The center was renovated in 1994, and has a total of 21 units and is 88% occupied. The shopping center is anchored by Wal-Mart, which has four years left remaining on its lease, Williams tells GlobeSt.com. Other tenants at the plaza include Auto Zone, Hallmark, Blockbuster Video and Sally Beauty Supply. A 24,000 sf unit is available that had been vacated by Arenson Furniture, Williams says. The asking lease rate for the 24,000-sf space is $7.50 per sf net, he tells GlobeSt.com.

The Cloverleaf Group, which has been buying retail, industrial and office property in the metropolitan Chicago area for 26 years, was interested in the retail center for a few different reasons, says Thomas Bretz, EVP with the company. "It was a combination of the growing city, a good stable mix of tenants and we believe that our skill set translates well to this type of property," Bretz says. Cloverleaf plans on redoing the plaza's parking lot, the roofs and the landscaping in addition to some façade work, he says. The company expects on "spending close to $1 million in 2008 alone" on the renovations, Bretz tells GlobeSt.com. The shopping center is on Galena Avenue "which is the established retail corridor for the west side of Aurora," Williams says. Jewel Food Stores, Aldi and Ace Hardware are also located in the area. "It is kind of a neighborhood, infill location," he says.